Why India's currency is falling faster than China's inwar
Business
The Indian rupee just dropped to a new record low of 92.62 per US dollar, slipping over 1.5% since the war began, more than China's yuan or Singapore's dollar.
Rising oil prices
Rising oil prices, up nearly 40% since Middle East tensions flared, are hitting India hard.
Higher oil prices — up about 40% — have raised import bills and economic risks for India and could contribute to higher inflation and pressure household spending power.
India is more exposed
Unlike China, which has larger strategic petroleum reserves and a massive trade surplus to cushion the blow, India is more exposed.
Some experts even expect China's yuan to get stronger compared to the rupee in the coming months.