Indian Rupee Hits All-Time Low of 92.43 Against Dollar
The Indian rupee fell to a record low of 92.43 per dollar on Friday as the Iran war pushed oil prices higher. Analysts warn the currency could drop toward 95.
The U.S. dollar / Indian rupee exchange rate reached a historic peak on Friday as the currency of India fell to its lowest level on record. The decline is largely attributed to the escalating conflict involving Iran, which has sparked concerns over rising energy costs and their subsequent impact on the nation's economic growth and inflation.
The rupee dropped to 92.4325 against the dollar, surpassing the previous all-time low of 92.3575 recorded on Thursday. Since the start of the regional hostilities, the currency has depreciated by approximately 1.5%. Traders noted that the Reserve Bank of India has been actively intervening in the spot, non-deliverable forwards, and futures markets to temper the currency's fall.
