Rupee falls to 95.31 as oil spikes on U.S.-Iran tensions
The Indian rupee just saw its sharpest single-day drop since March 27 and in more than a month, ending Monday at 95.31 per US dollar.
This slide happened after global oil prices spiked, thanks to tensions between the US and Iran, which disrupted a major shipping route and pushed Brent crude to $103.8 per barrel.
Prime Minister Modi urges fuel saving
With oil getting pricier, India's economy is feeling the squeeze: there are worries about higher inflation and a potential widening of the current account deficit.
Prime Minister Modi even urged people to save fuel and cut back on imports.
On top of that, stock markets fell 1.5% and government bond yields rose, while India's foreign exchange reserves dipped from their earlier high, showing how global uncertainty is making things tougher for the country right now.