Rupee falls to ₹92.34 against US dollar
Business
The rupee opened lower at ₹92.34 against the US dollar on Thursday, mainly because global oil prices shot up after Iran attacked fuel tankers near the Strait of Hormuz.
Impact of rising oil prices on Indian economy
When oil gets expensive, India has to spend more on imports, which raises India's import bill and can widen the current account deficit.
A weaker rupee can increase the cost of expenses denominated in foreign currency.
Iran's attack on tankers sends Brent crude above $100
Iran's attacks on tankers have rattled global markets and sent Brent crude above $100 a barrel, even though the International Energy Agency tried to calm things by promising extra supply from reserves.
The uncertainty is making currencies like the rupee feel the heat.