Currency Buzz: INR hits new record low of Rs 92.47 per dollar

The Indian rupee tumbles to new record lows of 92.47 as oil prices stay elevated amid prolonged disruption in oil markets as Middle East conflicts show no signs of abating. Oil is seen rising around $100 per barrel due to the effective closure of the Strait of Hormuz amid conflict involving the United States (US), Israel, and Iran. Meanwhile, a stronger greenback, heavy FII outflows and sustained selling in the domestic equity markets further weighed on the rupee. At the interbank foreign exchange, the local unit opened at 92.33 and kept losing ground to hit a fresh intra-day low of 92.47 against the US dollar, down 19 paise from its previous close. Local equities are also lingeriung in negative terrain, failing to lprovide any support to the counter.

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