Rupee hits record low of 93.49 against dollar
The Indian rupee fell to a record low of 93.49 against the dollar on 20 Mar 2023, driven by FII outflows and rising crude oil prices. This decline raises concerns about inflation and the current account deficit, impacting market sentiment.
pre-market1 source ↓written by the desknot a recommendation
- mark
- 93 per dollar
- intra-day low
- 93.49
- was driven
- 60 paise
- of its energy
- 80%
The Indian rupee fell sharply on 20 Mar 2023, breaching the 93 per dollar mark for the first time, hitting an intra-day low of 93.49. This decline of 60 paise was driven by a stronger US dollar, persistent FII outflows, and elevated global crude oil prices amid geopolitical tensions in West Asia.
Traders are concerned about rising inflation and a widening current account deficit as India imports over 80% of its energy needs. Immediate market implications could include increased volatility in currency and equity markets.
Not investment advice. For informational purposes only.