Rupee Falls to Record Low of 93.49
The Indian rupee fell sharply to a new all-time low of 93.49 against the US dollar on Friday, extending pressure on the domestic currency as the West Asia conflict pushed crude oil concerns higher and foreign investor outflows continued.
Rupee Hits Fresh Record Low
At the interbank foreign exchange market, the rupee opened at 92.92 against the dollar and soon crossed the 93-mark for the first time. It later dropped to an intraday low of 93.49, marking a fall of 60 paise from its previous close. The move came after the rupee had already ended at a record closing low of 92.89 in the previous session.
Crude Oil and Dollar Pressure Rupee
The latest fall was driven by a stronger US dollar, continued foreign institutional investor selling and concerns over elevated global crude oil prices. Forex traders said the ongoing West Asia conflict has worsened market sentiment, with fears that oil prices could remain high or rise further if the regional crisis deepens. Since India imports a large share of its crude requirement, higher oil prices usually add pressure on the rupee.
Market Recovery Fails to Lift Currency
Even though domestic equity markets showed some rebound, the rupee remained under pressure. The Sensex and Nifty recovered in early trade, but that was not enough to offset the negative impact of dollar strength, rising oil concerns and capital outflows. The latest currency move underlines how external shocks are currently outweighing positive signals from Indian equities.
