Rupee Sinks to Record Low Past 93 as Iran War Risks Deepen
The rupee fell past 93 per dollar on Friday as Iran war risks impacted energy supplies. Foreign investors pulled 8 billion dollars from Indian stocks this month.
The Indian rupee plummeted past the 93 mark against the dollar for the first time on Friday, marking its sharpest single-day decline in more than four years. The slump comes as escalating risks from the Iran war threaten to disrupt global energy supplies, placing significant pressure on the economy of India.
The currency dropped by more than 1% to reach 93.7350 against the United States dollar, breaking the previous record low of 92.63 established earlier in the week. The rupee eventually closed at 93.71, ending the week down approximately 1.3%, its steepest weekly loss since late 2022.
