Rupee hits all-time low of ₹94.79 against US dollar
The Indian rupee just dropped to an all-time low of ₹94.79 against the US dollar, falling nearly 5%, making it one of Asia's weakest currencies right now.
This slide comes as global oil prices have shot up past $100 a barrel, thanks to ongoing tensions in West Asia involving Iran.
Even though the US has held off on military action, investors are still feeling pretty uneasy.
More economic uncertainty ahead
Oil companies are scrambling for more dollars, and India's 10-year benchmark yield spiked to 6.9212% — a near 15-month high — and may climb further.
The government announced a ₹10 per liter cut in excise duty on petrol and diesel, but retail prices haven't budged, so everyday costs could keep rising.
All this means more economic uncertainty ahead, with the rupee's fall expected to put extra pressure on everything from shopping bills to travel plans.