Indian rupee hits all time low against US Dollar; hits 93.15 in early trade

The Indian rupee plunged to a record low on Friday, breaching the Rs 93 mark against the US dollar for the first time amid rising crude oil prices and escalating geopolitical tensions in West Asia. In early trade, the currency weakened further to Rs 93.15 against the dollar, extending its recent losses.

The fall comes as intensifying conflict across the Gulf region has disrupted energy infrastructure and pushed global oil prices sharply higher. Brent crude has remained above $100 per barrel, raising concerns over prolonged supply disruptions. For India, which relies heavily on imported crude oil, higher prices increase the import bill, boost demand for dollars, and exert downward pressure on the rupee.

At the same time, geopolitical uncertainty has triggered a global risk-off sentiment, prompting investors to shift towards safe-haven assets such as the US dollar. This trend has strengthened the dollar globally and weighed on emerging market currencies, including the rupee.

Foreign institutional investors have also stepped up selling in Indian equities amid the uncertainty, further pressuring the currency as funds are converted from rupees to dollars. Market participants are now closely watching developments in West Asia, movements in oil prices, and potential signals of intervention by the Reserve Bank of India to stabilise the currency.