Rupee opens at 94.95 as oil wobbles after US help
Business
The rupee started the week a bit weaker at 94.95 against the US dollar, dropping 4 paise since last session.
This dip comes as oil prices wobbled after the US stepped in to help ships stuck near the Strait of Hormuz, amid ongoing geopolitical tensions.
Expensive oil raises India's import bill
Even though oil briefly dipped to $105.50 per barrel after the US said it would begin efforts to help ships stranded in the Strait of Hormuz, prices remain high overall (hovering near $108) amid ongoing U.S.-Iran negotiations.
For India, expensive oil means a bigger import bill and more strain on the rupee, which has already lost nearly 2% in just over a week due to these global energy jitters.