Indian rupee opens at 96.25 after Donald Trump Iran remark
Business
The Indian rupee made a comeback on Thursday, opening at 96.25 against the US dollar after dropping to a record low of 96.95 just a day earlier.
This rebound happened right after US President Donald Trump mentioned that peace talks with Iran are "It's right on the borderline, believe me," between a deal and more conflict, giving markets some hope.
High oil, US yields strain India
Even with this bounce, things are still tough for India: oil prices are high at $105 per barrel (way up from $70 before the war), and since India imports most of its oil, that's draining foreign exchange reserves fast.
On top of that, record-high US Treasury yields are fueling inflation worries and shaking up global markets, so the rupee and the economy aren't out of the woods yet.