Rupee Hits Record Low of 95.22 Amid Global Tensions
Currency erases early gains as strong dollar, crude spike weigh on markets
- Rupee falls to all-time intra-day low of 95.22 against US dollar
- Rising crude oil prices and geopolitical tensions pressure currency
- Strong dollar index limits recovery
- Equity markets slump; FIIs continue selling
GG News Bureau
Mumbai, 30th March: The Indian rupee tumbled to a historic intra-day low of 95.22 against the US dollar on Monday, reversing early gains as rising crude oil prices and global geopolitical tensions weighed heavily on the currency.
The rupee initially opened stronger at 93.62 and briefly appreciated to 93.57, supported by a recent move by the Reserve Bank of India to reduce the net open position limit for banks.
However, the momentum proved short-lived as the currency slipped sharply, falling over 160 paise from its opening level to hit a record low during the session.
The decline follows Friday’s sharp fall, when the rupee had already closed at a historic low of 94.85.
Forex traders attributed the sustained pressure on the rupee to elevated global crude prices and a firm US dollar. The dollar index remained above the 100 mark, reflecting strong demand for safe-haven assets amid ongoing global uncertainties.
Benchmark Brent crude prices surged to around $115.50 per barrel, driven by fears of supply disruptions, further impacting the rupee’s outlook.
On the domestic front, equity markets witnessed a sharp sell-off. The BSE Sensex plunged 1,733.78 points to 71,849.44, while the Nifty 50 dropped 528.45 points to 22,291.15.
Foreign institutional investors (FIIs) also continued to offload equities, with net selling worth ₹4,367.30 crore, adding to market pressure.
Analysts said that unless global crude prices stabilise and the dollar weakens, the rupee may continue to remain under stress in the near term.
