Rupee
Rupee sinks to record low as West Asia conflict shakes Indian markets
Mumbai/IBNS: The Indian Rupee hit a record low on Friday, falling 12 paise to 92.37 against the US dollar as crude prices showed no sign of easing amid the ongoing West Asia conflict, media reports said.
The rupee further weakened due to a stronger greenback, heavy foreign institutional investor (FII) selling and weak market sentiment.
On Thursday, the rupee had touched an intraday low of 92.36 and closed at 92.25 against the US dollar, its lowest closing level.
Meanwhile, retail inflation in India rose to 3.21 percent in March, up from 2.74 percent in the previous month, driven mainly by higher food prices, according to government data.
The Indian stock market also nosedived on Friday, extending losses triggered by escalating geopolitical tensions centred on the West Asia conflict.
The BSE Sensex plunged over 900 points, while the NSE Nifty 50 dropped below the 23,400 mark as a bloodbath dominated Dalal Street.
The benchmark indices are now set to register their biggest weekly loss in more than a year, with several factors weighing on investor sentiment, including the ongoing tensions involving Iran, the United States, and Israel.
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