Indian rupee slips to 96.28 per dollar after Brent jumps
Business
The Indian rupee just saw its sharpest weekly drop since May, closing at 96.28 per dollar on Friday, down 1% from last week.
The main culprit? Brent crude oil prices shot up by 13% to $85.70 a barrel, thanks to rising U.S.-Iran tensions that are messing with energy supplies through the Strait of Hormuz.
State banks sell dollars, RBI intervenes
State-run banks tried to give the rupee a boost by selling dollars, likely for the Reserve Bank of India (RBI), but demand for dollars is still high as importers rush to buy during dips and exporters stay cautious.
With the rupee nearing record lows, the RBI is juggling interventions and big-dollar liabilities to keep things steady amid all this volatility.