Rupee hits record ₹95.17 against US dollar, Modi urges restraint
Business
The Indian rupee just dropped to a record ₹95.17 against the US dollar on Monday.
This slide comes as global oil prices jump, markets wobble, and tensions rise overseas.
Just yesterday, PM Modi urged everyone to use less fuel and hold off on non-essential foreign travel and gold buys to help protect India's foreign exchange reserves.
Oil jumps amid Middle East tensions
Oil prices shot up over 4% due to Middle East tensions, making imports pricier for India (which buys most of its oil).
That pushed up demand for dollars and sent the rupee down further.
Investors also rushed toward safer assets like the US dollar, causing stock markets here to dip: SENSEX fell 1.39% and NIFTY dropped 1.26%.
With energy worries hanging over the market.