India's rupee hits record above 96 per dollar, RBI intervenes
India's rupee is having a tough time, dropping over 5% since February and reaching its lowest ever at over 96 to the dollar, making it Asia's worst-performing major currency so far this year.
Rising oil prices from Middle East conflicts are fueling the slide.
The RBI has jumped in with billions of dollars and tighter controls on trading to steady things.
India's current account deficit widens
The falling rupee means imports cost more, so sectors like cashew processing in Kerala are struggling: more than 80% have shut down.
Students abroad are feeling the pinch with higher expenses.
Foreign investors have dumped more than $20 billion in Indian stocks, and India's current account deficit is widening because of costly energy imports, raising worries about a big balance-of-payments gap.
PM Modi is asking people to cut back on gold buys and foreign trips to help reduce dollar demand.
India falls to 6th behind UK
With all these pressures, India has slipped behind the United Kingdom to sixth place if things don't improve soon.