Rupee falls to 93.44 against US dollar amid oil, inflation
The Indian rupee dropped to 93.44 against the US dollar on Wednesday, losing a bit of ground after briefly rising earlier in the day.
This dip mainly came from higher crude oil prices and growing inflation at home, even though Indian stock markets held strong and there was some early hope from talks between the US and Iran.
Wholesale inflation hits 3.88% in March
Inflation hit a three-year high in March, with wholesale prices jumping to 3.88%, mostly thanks to pricier fuel and goods during the West Asia crisis.
Food costs also nudged consumer inflation up to 3.4%.
Despite these pressures, stock markets had a surprisingly good day: Sensex shot up over 1,200 points and Nifty gained nearly 400 points by evening.
Global shifts like rising oil prices are expected to keep impacting things in the weeks ahead.