Rupee tumbles to record low of 96.86 vs USD as US-Iran stalemate stokes global inflation fears

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.

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