The Indian rupee weakened to a new low of ₹92.3 against the U.S. dollar as global oil prices surged amid rising tensions in West Asia.
The fall in the currency came after Mojtaba Khamenei, the Supreme Leader of Iran, announced that the Strait of Hormuz would remain closed. The move pushed crude oil prices above $100 per barrel, increasing pressure on oil-importing countries like India.
Currency markets showed the rupee trading within a narrow range during the day. It opened at ₹92.33 against the dollar, touched a high of ₹92.47, and a low of ₹92.28 before stabilizing around the same level by 3:30 p.m.
Market analysts said the currency was also affected by heavy selling by Foreign Institutional Investors. Data showed that these investors had sold Indian stocks worth ₹58,676 crore as of March 13.
Experts say global oil prices and foreign investment flows will remain key factors influencing the rupee’s movement in the coming days.
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