Indian rupee starts Monday at 94.23 per US dollar
Business
The rupee started Monday just a touch higher at 94.23 per US dollar, but don't get too excited: high global oil prices and weak investment flows are still making things tough.
Last week was rough, with the rupee dropping 1.42%, its biggest weekly fall in over three-and-a-half years, thanks to expensive oil and less backup from the Reserve Bank of India (RBI).
Oil surge, investor outflows strain rupee
Oil prices shot up again, with Brent crude nearing $108 a barrel, meaning Indian companies need more dollars to pay for imports, which puts extra strain on the rupee.
Foreign investors are still pulling money out (though not as fast as before), and exporters aren't rushing to sell their dollars either.
For now, how much we pay for oil will likely decide where the rupee goes next.