Business
Rupee Hits Record Low of 95.23 Against Dollar Amid Global Tensions
Middle East crisis and high oil prices weigh on Indian currency
The Indian rupee fell sharply by 39 paise to close at a record low of ₹95.23 against the US dollar on Monday, amid heightened global market volatility driven by Middle East tensions.
At the interbank foreign exchange market, the rupee opened at ₹94.95 and weakened throughout the session, eventually settling at its lowest-ever closing level.
Forex traders attributed the decline to rising crude oil prices, with Brent crude hovering near $110 per barrel. Elevated oil prices tend to pressure oil-importing economies like India by widening the trade deficit and increasing inflation risks.
The currency’s fall reflects broader concerns about global economic stability, as geopolitical uncertainties continue to impact commodity prices and investor sentiment.
Analysts warn that sustained pressure on the rupee could have implications for inflation, imports, and overall economic growth if global conditions remain volatile.
