Indian rupee touches record low of 93.95 against US dollar on Monday
The Indian rupee slumped to a record low of 93.95 against the US dollar on Monday as Middle East conflict entered its fourth week with no sign of easing, which kept global crude oil prices elevated and the American currency strong. Moreover, sustained foreign fund outflows and a crash at the domestic equity markets have also dampened the rupee sentiments. Foreign institutional investors sold equities worth Rs 5,518.39 crore on a net basis on Friday, exchange data showed. The rupee fell further as Reserve Bank of India (RBI) data showed India’s forex reserves dropped by $7.052 billion to $709.759 billion during the week ended March 13.
The partially convertible currency is currently trading at 93.90, weaker by 37 paise from its previous close of 93.53 on Friday. The currency touched a high and low of 93.95 and 93.81 respectively.
