Rupee falls to ₹95.7 as oil hits $109.30 per barrel
Business
The Indian rupee dropped to ₹95.7 against the US dollar on Friday, marking its fourth day in a row of losses.
Rising oil prices, now briefly touching $109.30 per barrel thanks to Middle East tensions, are making imports pricier and pushing up demand for dollars, which puts extra pressure on the rupee.
Outflows and US yields pressure rupee
It's not just oil: steady foreign investment leaving India and higher US Treasury yields are weighing down the currency too.
Geopolitical risks, like possible disruptions at key ports in Yemen, are shaking up global oil markets.
Plus, expectations of a US Fed rate hike are making the dollar stronger, so even moves by India's central bank haven't been enough to turn things around yet.