New Delhi, 20 March (H.S.): The Indian rupee has slipped to a record low against the U.S. dollar, weighed down by heightened tensions in West Asia and rising global crude oil prices. On Friday, the rupee touched ₹93.28 per dollar during intraday trading, marking its weakest level so far, before inching back to about ₹93.20 by 11 am.The day’s trade began on a weak note as well.
In the interbank foreign‑exchange market, the rupee opened at ₹92.64 per dollar, about 25 paise lower than the previous close. Dollar demand quickly picked up, and within hours the rupee tumbled to ₹93.28 per dollar, the lowest level it has reached to date. Despite a marginal recovery later in the morning, the currency remained firmly above the 93‑rupee mark.
The rupee has also weakened against other major currencies. By around 11 am, it was quoted near ₹125.01 per British pound and about ₹107.77 per euro, reflecting clear pressure across the board.
Experts say the slide is being driven by the ongoing West Asia war, a strengthening U.S. dollar, and a surge in selling by foreign investors who have been pulling money out of emerging markets such as India since the U.S. and Israel‑led strikes on Iran began.
The spike in crude‑oil prices is adding to the strain, as India’s heavy dependence on energy imports raises the need for dollars and pushes the trade‑deficit‑induced pressure on the rupee.Ravi Chandar Khurana, CEO of Kharana Securities and Financial Services, warned that if the West Asia conflict stretches longer, crude and gas prices could soar to around $150 per barrel or higher.
In such a scenario, India’s import‑dependent energy economy would face severe stress, and the rupee could be pushed towards an historic level of depreciation.
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Hindusthan Samachar / Jun Sarkar
