Business
Rupee hits record low of 92.35 vs dollar as oil surge pummels Asian assets
Brent crude oil prices climbed to $100 per barrel as Iran stepped up attacks on oil and transport facilities across the Middle East, warning the world to brace for oil at $200 a barrel.
The rupee fell 0.3% to 92.3575, eclipsing its previous lifetime low of 92.3475 hit earlier in the week.
India’s benchmark equity index Nifty 50 fell about 1%, the yield on the benchmark 10-year bond rose 4 bps, and the rupee averted a fresh record low largely on the back of central bank intervention, traders said.
Asian currencies weakened across the board, while MSCI’s gauge of regional stocks fell more than 1.5%.
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“We expect the RBI to intervene in 92.30-92.35. However if Brent continues to remain elevated for a couple of sessions, the RBI may have to let the rupee go,” said Abhishek Goenka, chief executive at FX advisory firm IFA Global.