Rupee opens lower at 95.45 as oil hits $97
Business
The rupee opened lower at 95.45 against the US dollar on Wednesday, mainly because oil prices jumped again, now at $97 a barrel for the third day in a row.
Ongoing tensions in West Asia and money moving out of India's markets have also put extra pressure on the currency.
Markets await RBI policy review
Foreign investors pulled $403.3 million from Indian stocks on June 1 and more than $800 million from Indian stocks on Tuesday, while bond investments barely moved.
With all this action, everyone is watching to see if the Reserve Bank of India will step in to steady things, especially with its big policy review coming up on June 5.
Rising oil costs could mean higher inflation too, so all eyes are on what the Reserve Bank of India says next.