Rupee drops to 93.79 against US dollar amid oil surge
Business
The rupee dropped for the third day in a row, ending Wednesday at 93.79 against the US dollar, down 30 paise from yesterday.
The main reason? Crude oil prices shot up past $98 a barrel thanks to tensions in West Asia and tough talk from US President Trump on Iran.
KN Dey: RBI likely to intervene
The rupee's fall was made worse by extra demand for dollars from importers and defense companies, plus general regional instability.
Still, currency expert KN Dey says the Reserve Bank of India is likely to step in with measures like special windows for oil imports and tighter checks on trading.
Even so, he warns the rupee could touch 94 soon if pressures continue.