Indian rupee hits record 96 per US dollar on oil
Business
The Indian rupee just dropped to a record 96 per US dollar, losing 1.5% this week and earning the title of Asia's weakest currency in 2026.
The main culprit? Soaring oil prices: Brent crude is now $109 a barrel thanks to ongoing Middle East tensions, which is tough for India since it imports most of its oil.
India trade deficit $28.4 billion
Imports have made imports costlier and pushed India's trade deficit to $28.4 billion last month.
Prices are rising too: wholesale inflation hit its highest in over three years, and economists expect consumer inflation around 4% after recent fuel price hikes.