Rupee Slides to Record Low Amid West Asia Conflict

The Indian rupee crashed 60 paise to hit an all-time low of 93.49 against the US dollar, impacted by ongoing West Asia conflicts, elevated crude prices, and relentless foreign institutional investor outflows. Despite positive domestic market movements, the currency struggled against the strengthening dollar, with crude oil forecasts weighing heavily on sentiments.

The Indian rupee plummeted by 60 paise to a new record low of 93.49 against the US dollar on Friday, forex traders reported. The currency's decline was driven by a strengthening greenback and continuous outflows from foreign institutional investors amid ongoing conflict in West Asia.

Despite positive movements in domestic equity markets, the rupee faced severe pressure from escalating global crude oil prices, with predictions that prices could soar to USD 180 per barrel further dampening market sentiment. The dollar index, a measure of the US currency against a basket of six major currencies, rose 0.17%, settling at 99.40.

On the equity front, the Sensex rebounded by 442.88 points, or 0.60%, standing at 74,650.12, while the Nifty jumped 146.65 points, or 0.64%, reaching 23,148.80. Brent crude saw a slight dip of 0.79%, trading at USD 107.8 per barrel. Meanwhile, foreign investors offloaded equities worth Rs 7,558.19 crore on a net basis, further impacting the rupee's valuation.

(With inputs from agencies.)