Rupee slides 20ps to fresh record of 92.45/$

Mumbai: The rupee slumped 20 paise to close at a fresh record low of 92.45 against the US dollar on Friday as crude oil prices crossed $101/barrel amid the raging West Asia conflict.

A stronger greenback, heavy foreign fund outflows and sustained selling in the domestic equity markets further weighed on the rupee, according to forex traders. At the interbank foreign exchange, the local unit opened at 92.33 and kept losing ground to hit a fresh intra-day low of 92.47 against the US dollar.

It eventually settled at its lifetime low of 92.45, down 20paise from its previous close. In the preceding session, the rupee lost 24paise to settle at 92.25 against the US dollar, its lowest-ever closing level until Thursday. “The rupee hit a new record low on Friday on weak domestic markets and a strong dollar.

Rising crude oil prices and continued FII outflows also pressured the rupee,” Anuj Choudhary, Research Analyst, Mirae Asset ShareKhan, said. “We expect the rupee to trade with a negative bias on risk aversion in global markets amid the ongoing US-Israel and Iran war.

Rising crude oil prices and worries over inflation may further pressurise the rupee. A strong dollar and rising US treasury yields may too weigh on the domestic unit,” he said. Rupee is expected to trade in the range of Rs 92.10-92.80, Choudhary added.