Rupee sinks to fresh low of 93.73 against dollar on oil surge
Rupee sinks to fresh low of 93.73 against dollar on oil surge
Rupee hits 93.73 per dollar as oil prices rally and West Asia tensions spur outflows, with RBI steps aimed at moderating losses.
The Indian rupee slid to a fresh all-time low of 93.73 per dollar in Friday trade, marking its steepest single-day rout since late 2022. The slide came as crude oil prices surged on escalating West Asia tensions and after overseas investors pulled money from Indian assets, pressuring the currency further. The rupee opened at 92.89 per dollar and weakened steadily, briefly crossing the 93 mark in the first hour of trading, before closing around 93.71 per dollar. It had closed at 92.63 per dollar on Wednesday, providing a reference point amid the volatile session. The RBI intervened by selling dollars at multiple levels—92.90, 93, and 93.50 per dollar—while stressing the aim was to slow the pace of depreciation rather than reverse the downtrend. Market observers noted that sustained FPI outflows and ongoing geopolitical uncertainty kept the rupee under pressure, with traders highlighting that the move could have been amplified by a prior trading holiday in Mumbai. If these dynamics persist, analysts warn the rupee could drift toward the 94–95 per dollar zone, though the outlook remains highly fluid and dependent on oil prices and global risk sentiment.
