Indian rupee slips to 95.95 per dollar, near record low
Business
The Indian rupee slipped to 95.95 per US dollar on Friday, just a hair away from its all-time low earlier this week.
The main reasons? Surging oil prices, a stronger US dollar, and rising tensions in West Asia, especially with worries around Iran and Israel.
Traders say people are flocking to the US dollar as a safe bet right now.
Crude above $107 lifts fuel ₹3
Since India imports most of its oil, pricier crude (now over $107 a barrel) hits hard, leading to gasoline and diesel going up by ₹3 per liter.
There is talk that tax cuts for foreign investors could help bring more money into India and steady the rupee.