Indian rupee slips to 95.4350 per dollar as oil surges
Business
The Indian rupee just hit its lowest point in nearly two weeks, ending Tuesday at 95.4350 per dollar.
The main reason? Global oil prices shot up after tensions rose in the Middle East, and since India buys almost 90% of its oil from other countries, that hit hard.
RBI likely sold dollars, Nifty dips
To keep things from getting worse, the Reserve Bank of India likely sold dollars to steady the rupee. This helped prevent a bigger drop.
Meanwhile, the Nifty 50 stock index dipped by 0.5%, and bond yields ticked up a bit too.
Now, everyone's watching for inflation data from India and the US on Wednesday: it could shape what happens next with rates and the economy.