Rupee hits all-time low, slips past Rs 93 mark against US dollar

New Delhi (TIP): The rupee plunged to a record low on Friday, March 20, breaching the Rs 93 mark for the first time as a surge in crude oil prices and escalating tensions in West Asia triggered fresh pressure on the currency.
It weakened to Rs 93.15 against the US dollar in early trade, extending recent losses as investors reacted to the intensifying conflict across the Gulf, which has disrupted energy infrastructure and pushed oil prices sharply higher.
Brent crude remains firmly above $100 per barrel amid fears of prolonged supply disruptions, a key concern for India, which imports a large share of its oil needs. Higher oil prices increase the country’s import bill, drive up demand for dollars, and put downward pressure on the rupee.
At the same time, rising geopolitical uncertainty has triggered a global risk-off mood, with investors moving towards safe-haven assets such as the US dollar. This has strengthened the dollar and weighed on emerging market currencies, including the rupee. Foreign institutional investors (FIIs) have also stepped up selling in Indian equities amid the uncertainty, further adding to pressure.