Kashmiri pedestrians walk past a stall selling wedding garlands made from Indian rupee notes at a market in Srinagar on August 28, 2013. India's rupee slumped nearly four percent to a fresh record low against the dollar as concerns about a US-led military strike against Syria compounded deepening domestic economic woes.
Kashmiri pedestrians walk past a stall selling wedding garlands made from Indian rupee notes at a market in Srinagar on August 28, 2013. India's rupee slumped nearly four percent to a fresh record low against the dollar as concerns about a US-led military strike against Syria compounded deepening domestic economic woes. - 
Listen To The Story
Marketplace

With the United States and allies said to be considering a military strike against Syria, oil prices are up sharply again today -- with the Texas benchmark up 1.4 percent to $110-150 a barrel. Higher oil prices are hurting emerging markets, where the Indian currency fell to a record low today, deeping the worst economic crisis there in 20 years. In the U.S., where some kind of economic recovery was in progress, what will higher oil prices mean? Julia Coronado, chief economist-North America for BNP Paribas in New York, explains it all.

As a nonprofit news organization, Marketplace is on a mission that drives what we do every day: to increase economic intelligence across the country. But we can’t do it alone. Become a Marketplace Investor today, in whatever amount you choose, and your donation will go twice as far, thanks to a dollar-for-dollar match from The Kendeda Fund.

Become a Marketplace Investor today – in whatever amount is right for you – and keep public service journalism strong. We’re grateful for your support.