The Indian rupee fell to a record low of 94.82 against the United States dollar on Friday amid the conflict in West Asia.
The rupee had opened at 94.18 in the interbank foreign exchange market. It slumped 86 paise to close at a record low of 94.82 against the US dollar, as foreign fund outflows continued and domestic equity markets weakened, PTI reported.
The rupee had breached the 94-mark on Wednesday to close at a record low of 94.05. Markets were closed on Thursday on account of the Hindu festival of Ram Navami.
Foreign institutional investors have accelerated selling in Indian equities amid the conflict. This has added pressure on the currency. The rupee weakens as global funds pull money out of the Indian market.
In the domestic equity market, the benchmark Sensex and Nifty both declined by nearly 2% on Friday.
Brent crude, the global oil benchmark, was trading at $109.8 per barrel, up 0.53% in futures trade.
Global oil prices have increased by more than 50% since the conflict began. The price was $78 per barrel on February 27, a day before the conflict started.
Iran has effectively blocked the Strait of Hormuz, the narrow waterbody connecting the Gulf to the Arabian Sea, for most international commercial vessels since the conflict began. About 20% of...
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