Indian rupee Hits Record Intra-Day Low of 92.36 Against US Dollar

MUMBAI, March 12: Amid ongoing among Iran-Israel and US, India rupee slide to record low level.

 The Indian rupee fell sharply on Thursday, sliding by 35 paise to touch a record intra-day low of 92.36 against the US dollar in early trade. The decline came as global crude oil prices continued to rise overnight with no signs of easing, largely due to the ongoing conflict in West Asia.

Currency traders said the persistent surge in oil prices has increased pressure on the rupee, as India is heavily dependent on crude oil imports. Higher oil prices typically increase the country’s import bill and demand for dollars, which in turn weakens the local currency.

In addition to rising oil prices, the strengthening of the US dollar in global markets also weighed heavily on the rupee. The greenback gained momentum as investors moved towards safer assets amid geopolitical uncertainty. Weak sentiment in domestic equity markets further added to the pressure on the Indian currency.

Traders also pointed to sustained foreign institutional investor (FII) outflows from Indian markets as another key factor behind the rupee’s fall. Continuous capital outflows have reduced the supply of dollars in the domestic forex market, contributing to the currency’s weakness.

At the interbank foreign exchange market, the rupee opened the session at 92.25 against the US dollar. However, it soon extended losses and dropped further to touch the record intra-day low of 92.36. This marked a fall of 35 paise compared with its previous closing level.

Market participants said the rupee may remain under pressure in the near term if crude oil prices continue to climb and global risk sentiment remains fragile. Investors are also closely watching geopolitical developments in West Asia and movements in global currency markets, which could influence the rupee’s direction in the coming days.