Indian rupee hits record low of 95.85 against US dollar
Business
The Indian rupee just hit a record low of 95.85 against the US dollar, dropping for the third day in a row.
Rising oil prices and steady foreign money outflows are making things tough, especially since India relies on imports for most of its energy needs.
The ongoing conflict in Iran is adding even more pressure.
India's central bank intervenes, tariffs raised
To slow the rupee's fall, India's central bank has been selling US dollars and dipping into its reserves.
But with India facing a growing current account deficit (possibly over 2% of GDP), economists say these moves might only help for now.
The government has raised tariffs on precious metals and hinted at fuel price hikes, but bigger economic challenges remain on the horizon.