The rupee hit a record low against the dollar on Wednesday, driven by elevated oil prices stemming from stalled U.S.-Iran peace talks. This surge in energy costs fuels inflation fears, pushing bond yields higher and impacting equities. The rupee’s decline, coupled with significant overseas investor withdrawals and rising Brent crude prices, exacerbates India’s balance of payments deficit.
Hindalco shares rise 2% on Novelis’ upbeat commentary; US arm reports $84 million net loss
Hindalco shares gained 2% after US arm Novelis plans to reopen its Oswego hot mill sooner than anticipated, despite a higher projected cash flow hit
May 20, 2026