Business
Rupee sinks to record low of 92.39 vs USD on energy supply worries
The Indian rupee fell to a lifetime low on Friday on worries that sustained high oil prices would heighten risks for India’s economy as the war in the Middle East rages on, injecting turbulence into global financial markets.
The rupee fell to 92.39 per dollar, eclipsing its previous all-time low of 92.3575 hit in the previous session.
The currency has declined over 1% since the Iran war started but has fared better than some of its emerging market peers on account of market interventions by the Reserve Bank of India.
Oil prices remained near the closely watched $100 per barrel level, up from around $70 before the Middle East conflict started.
