&imwidth=800&imheight=600&format=webp&quality=medium "Indian rupee slides to record low of 92.35 per dollar amid Iran war: More details inside")
The Indian rupee dipped to a record low on Thursday following a fresh surge in crude prices and a strengthening of the US dollar. The currency declined 0.3 per cent to 92.3575 per dollar, surpassing its previous all-time low of 92.3475 recorded earlier in the week.
The decline of the rupee came alongside weakness in several other Asian currencies, which also dropped against the greenback. The rupee opened weaker at 92.25 per US dollar in the interbank foreign exchange market and later slipped further to 92.35, compared with its previous closing level of 92.01.
Meanwhile, the US Dollar Index, which measures the dollar’s strength against a basket of six major currencies, rose 0.24 per cent to 99.47. A sharp rise in crude oil prices has revived concerns about the economic impact of possible disruptions to global energy supplies.
As a major importer of crude oil, India faces the risk of widening twin deficits, the fiscal deficit and the current account deficit, when oil prices climb, adding pressure on the local currency. In the latest developments in the US–Iran conflict, Iran continued its strikes on oil and transport facilities across the Middle East, pushing Brent crude prices to around $100 per barrel. Later, Tehran also warned that global oil prices could potentially rise to $200 per barrel.
Stock Market crashes
The increasing oil prices have heightened inflation concerns and risked several dented investors. Amid the ongoing crisis, the Indian stock market crashed again, after weakness in global equities on Thursday. The benchmark index of BSE Sensex touched 528.47 points, or 0.69 per cent, at 76,335.24, while the NSE Nifty 50 dipped to 171.40 points, or 0.72 per cent, to 23,693.85.
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Meanwhile, the USD/INR pair is currently trading around the 92.00–92.50 zone, marking mounting pressure on the Indian rupee. “The chart structure remains bullish, supported by an upward trend and a pattern of higher highs and higher lows in recent months. A sustained move above 92.30 could strengthen bullish momentum toward fresh record highs. On the downside, 91.80 – 91.60 acts as immediate support, and a break below this zone may trigger short-term profit booking, although the broader bias remains positive amid global uncertainties,” said Ponmudi R, CEO of Enrich Money.
