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Rupee Hits Record Low Amidst West Asia Conflict
13 Mar
Summary
- Indian rupee hit a fresh record low of 92.37 against the US dollar.
- Crude oil prices crossed USD 101/barrel due to West Asia conflict.
- Indian equity markets plunged, with Sensex down 1,470 points.
The Indian rupee reached an unprecedented low, closing at 92.37 against the US dollar on Friday. This significant depreciation occurred as international crude oil prices surged past USD 101 per barrel, influenced by the ongoing conflict in West Asia. The strengthening US dollar, coupled with substantial outflows of foreign capital and persistent selling pressure in Indian stock markets, further contributed to the rupee's historic slide.
In tandem with the currency's fall, Indian equity markets witnessed a steep decline. The benchmark Sensex plummeted by 1,470 points, concluding the trading session at 74,563. Similarly, the Nifty 50 experienced a notable drop of 488 points, settling at 23,151. These market movements underscore the current economic sensitivity to geopolitical events and commodity price fluctuations.
