Indian rupee hits record 95.6 per USD amid oil surge
Business
The Indian rupee just slipped to a record low of 95.6 against the US dollar. This drop comes as oil prices climb and tensions rise in the Middle East, making things tougher for India's economy.
On top of that, Prime Minister Modi's new austerity moves, like asking people to cut back on fuel, gold, and non-essential foreign travel, have made investors even more nervous.
Sensex tumbles over 2,000 points
After Modi's announcement, the Sensex tumbled over 2,000 points in just two days.
Experts think the rupee will stay weak for now, possibly dipping further if global issues continue.
Since India relies heavily on imported energy and its foreign exchange reserves have also shrunk a bit lately, there are worries about rising costs ahead.