Indian rupee slips to 96.53 as oil jumps to $94
Business
The Indian rupee slipped to 96.53 against the US dollar on Wednesday, getting uncomfortably close to its all-time low.
This drop happened as global oil prices shot up to $94 a barrel, mostly because of rising tensions between the US and Iran.
With importers needing more dollars for expensive oil, the rupee took a hit.
High oil raises trade deficit, inflation
When oil gets pricier, India's trade deficit and inflation usually go up, making life costlier for everyone.
Even though the Reserve Bank of India is trying to bring in more foreign currency, experts think the rupee will stay under pressure if global tensions and high bond yields continue.