Rupee opens weaker at 94.58 vs USD as Brent spikes
Business
The rupee opened weaker at 94.58 against the US dollar on Friday, mainly because global oil prices shot up after fresh tensions between the US and Iran.
Brent crude bounced from around $96 to over $101 a barrel, as worries grew about possible disruptions in a key shipping route.
Oil import demand weighs on rupee
With oil getting pricier, the rupee tends to take a hit, especially since India imports so much of it.
Ongoing demand for dollars from companies buying oil is adding pressure too, even though the Reserve Bank has tried to help.
Analysts say things could improve if oil prices settle down, but for now, market nerves are running high as everyone waits to see how the U.S.-Iran standoff plays out.