Indian rupee hits record low of 94.85 per US dollar
The Indian rupee just dropped to a record low of 94.85 against the US dollar, slipping 31 paise in a single day.
This slide is mostly thanks to soaring oil prices and stalled U.S.-Iran talks, which have made global markets pretty jittery.
It's not just India feeling the pinch. Currencies in places like the Philippines and Indonesia are also down.
Rupee real value at 12-year low
Bloomberg reports that the rupee's real value is now at its lowest in 12 years, showing it's seriously undervalued.
The RBI has tried stepping in by selling US dollars here and there, but that hasn't been enough to stop the drop.
With oil now around $115 a barrel, experts warn that if the rupee keeps falling, everyday things like fuel and gadgets could get pricier: inflation could jump by up to 2%.
In short: global drama is hitting close to home for anyone spending or saving in India right now.