Indian rupee hits record low of 92.33 against US dollar
What's the story
The Indian rupee has hit a new all-time low against the US dollar, trading at 92.335 on Monday. The fall comes as rising oil prices, triggered by the ongoing US-Israel conflict with Iran, have put pressure on Asian currencies including the Indian currency. The rupee's previous record low was 92.3025 last week.
Market reaction
Impact of Middle East conflict on global markets
The US-Israel campaign against Iran has rattled global markets and sent oil prices soaring. This has created macro-economic challenges for major oil importers like India, making investors wary of emerging market assets. The rupee's fall comes amid a broad-based selloff in Asian stocks and currencies over the deepening Middle East conflict.
Expert insights
Expert warns of further rupee depreciation
Anil Kumar Bhansali, Head of Treasury and Executive Director at Finrex Treasury Advisors LLP, said the rupee will remain vulnerable to rising oil prices. He noted that Asian currencies also fell on Monday. Bhansali warned that if oil stays above $100 in the coming trading sessions, the rupee could touch 93.00 against the dollar.