Indian rupee opens at 94.25 despite $100 Brent, U.S.-Iran concerns
Business
The rupee opened at 94.25 against the US dollar on Monday, April 27, holding its ground despite Brent crude oil shooting past $100 a barrel.
This comes as traders keep a close eye on stalled U.S.-Iran peace talks and worries over the key Strait of Hormuz, both adding to global uncertainty.
Rupee fell 1% as RBI intervened
Last week, the rupee saw its sharpest drop in over three years, down 1%, as demand for US dollars spiked. The Reserve Bank of India jumped in to help stabilize things.
With oil prices rising, experts warn this could put extra pressure on India's economy, so importers are already hedging their bets just in case.