Indian rupee slips to 96.34 versus US dollar after gains
The Indian rupee slipped to 96.34 against the US dollar on Wednesday, down 10 paise from yesterday.
This drop comes right after a brief gain, despite the RBI's recent efforts to keep things steady.
Earlier in the week, the rupee had actually hit its strongest point in over two weeks before losing ground again.
Global oil tops $92.50 a barrel
Global oil prices just shot past $92.50 a barrel, thanks to fresh geopolitical tensions like US strikes on Iranian military targets and drone attacks in Kuwait, which means India has to spend more US dollars on imports.
Plus, higher US Treasury yields are making investors prefer dollar assets over others.
The RBI is keeping an eye out and may step in again if things get too shaky, especially with hopes that incoming foreign investments could help stabilize the situation.