US EditionRupee tumbles to record low on Mideast war, central bank likely steps in
The rupee fell 0.7% to 92.18 due to rising oil prices and safe-haven demand amid US-Iran tensions, impacting investor confidence and the trade balance.
- On Wednesday, the Indian rupee fell 69 paise to an all-time low of 92.18 in early Mumbai, India trade after opening at 92.05 in the interbank foreign exchange market.
- After weekend strikes and counterstrikes, oil and risk premia surged as Brent crude jumped to $82 from $73, coinciding with a sharp rupee fall amid US‑Iran/Israel tensions and a Saturday joint operation.
- Traders said moves into safe havens kept the rupee under pressure, pushing the USD/INR pair above 92.00; the India VIX index spiked around 9%, Sensex fell over 1,400 points, and the Nifty dropped 1.9%.
- A sustained hold above 92.20 could trigger further upside toward 92.50–92.80, analysts warn, as foreign capital flows and dollar strength press the rupee, with the dollar index trading 0.70% higher at 99.08.
- Iran claimed the Strait of Hormuz was `closed` for shipping, prompting US measures like DFC guarantees and Navy escorts, as about 20% of global oil transits this chokepoint.
22 Articles
22 Articles
Rupee slumps to all-time low of 92.16 against US dollar
Mumbai: The rupee slumped 67 paise to close at an all-time low of 92.16 against US dollar on Wednesday, March 4, weighed down by spiking crude oil prices in the wake of the Iran crisis. Forex traders said the dollar index crossed 98 levels on the risk-off situation prevailing all around the globe amid the US-Iran crisis, further pressurising the rupee. Moreover, massive selling in domestic equity markets and withdrawal of foreign funds further d…
Markets continue to bleed- Sensex plunges 1,400 points, Nifty near 24,400; Rupee breaches 92/$
BSE Sensex, Nifty 50 Today Live | Share Market Live Updates: Sharp loss across Sensex, Nifty as Iran-Israel conflict deepens. Check the top losers and gainers at this hour.
Financial Post
Business TimesIndia Rupee Hits Record Low as Oil Rise Sparks Regional Meltdown
(Bloomberg) — India’s rupee fell to a record low, while stocks and bonds declined amid concerns that rising crude prices — driven by the escalating conflict in the Middle East — fanned worries over inflation and the country’s widening trade deficit.
Rupee slumps to all-time low of 92.18 against US dollar amid worries over widening war
The Indian rupee slumped 69 paise to an all-time low of 92.18 against the US dollar in early trade on Wednesday. The sharp fall comes amid a sharp spike in crude oil prices amid geopolitical tensions following the escalation of the US–Iran conflict, which weighed on investor sentiment. According to forex traders, the domestic currency is under severe pressure due to a sharp spike in crude oil prices, with Brent Crude crossing the USD 82 per barr…
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