Indian rupee hits record low of 92.36 against US dollar
Business
The Indian rupee just hit a record low of 92.36 against the US dollar, closing at 92.19 on Thursday.
This drop comes as oil prices spiked, thanks to rising tensions in the Middle East involving the US Israel, and Iran.
Brent crude shot up past $100 a barrel before settling near $97, which also dragged down Asian stock markets (India's Nifty 50 dipped about 1%).
Why does this matter to you?
Analysts say if oil stays expensive, it could make things shakier for the rupee and widen India's current account deficit (basically, how much more we import than export).
If high prices stick around, it might slow down economic growth and push up everyday costs, so even if you are not tracking currency rates, this could end up affecting your wallet too.