Rupee Hits Record Low of 94.82 Against US Dollar Amid High Oil Prices and Market Volatility
Mumbai, March 27 – The Indian rupee tumbled 86 paise to close at a new all-time low of 94.82 (provisional) against the US dollar on Friday, pressured by rising oil prices and a stronger dollar amid ongoing West Asia tensions.Domestic Equity Market Decline Adds Pressure
A sharp fall in domestic equities and continued outflows by foreign investors intensified pressure on the rupee. At the interbank foreign exchange market, the rupee opened at 94.18, breached the 94.50 level for the first time, and settled at 94.82, down 86 paise from the previous close.The rupee had fallen 20 paise to 93.96 against the US dollar on Wednesday. Thursday’s markets were closed for Ram Navami.
Dollar Strength and Oil Prices Influence Currency
The dollar index, tracking the US dollar against six major currencies, rose 0.11% to 100. Meanwhile, Brent crudetraded at USD 109.8 per barrel, up 0.53% in futures trade, further straining the rupee.Foreign Outflows and Sensex Drop
On the domestic front, the BSE Sensex plummeted 1,690.23 points, or 2.25%, to 73,583.22, while the Nifty 50declined 486.85 points, or 2.09%, to 22,819.60.Foreign institutional investors (FIIs) sold equities worth ₹1,805.37 crore on a net basis on Wednesday, according to exchange data.
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