Indian rupee hits record low of 93.84 against US dollar
Business
The Indian rupee just dropped to a record 93.84 against the US dollar, mainly because tensions in West Asia have sent oil prices skyrocketing.
For India, Asia's third-largest economy, this sharp fall is a big deal, especially since the previous record was set just days earlier, at 93.7350.
Rupee has slipped about 3% since trouble began
Oil prices have jumped over 50% this month due to the ongoing conflict, pulling down Asian currencies across the board.
The rupee, which reacts strongly to oil spikes, has slipped about 3% since trouble began.
The International Energy Agency even warns this crisis could be worse than anything seen in the 1970s.
BofA Global Research expects the rupee to trade at 94 by June 2026, assuming the crisis resolves in a few weeks.