Rupee drops to ₹95.2250 as oil nears $100, RBI retreats
Business
The Indian rupee just dropped to a low of ₹95.2250 per US dollar on Wednesday.
The main reasons? Global oil prices are climbing close to $100 a barrel because of Middle East tensions, and the Reserve Bank of India (RBI) has stepped back from its usual efforts to keep the rupee steady.
Since India imports a lot of oil, these global shocks hit especially hard.
Rupee becomes Asia's worst after selloff
The RBI used to step in often when the rupee slipped, but lately it has been less active, letting the currency fall past ₹95.
This hands-off approach, plus traders selling off when prices dropped further, made things worse.
By the end of Wednesday, the rupee was actually Asia's worst-performing currency, while other oil-sensitive currencies fared better.