Rupee hits record low of 92.05 against US dollar
The Indian rupee dropped to a record 92.05 against the US dollar on Wednesday, mainly because spiking crude oil prices, which have raised inflation concerns, are making imports costlier and raising fears of a widening trade deficit.
This sharp fall also dragged down the stock market, with Sensex and Nifty both tumbling.
Foreign investors pull out nearly ₹8,753 crore from Indian stocks
A weaker rupee could make imports costlier and stoke inflation concerns.
Plus, foreign investors pulled out nearly ₹8,753 crore from Indian stocks as global uncertainty grows—so the market might stay rocky for a while.
Tensions between US and Iran push up global oil prices
Tensions between the US and Iran have pushed up global oil prices, which hurts countries like India, a major oil importer.
With investors playing it safe and the dollar getting stronger worldwide, experts say the rupee could remain under pressure.