Rupee hits record low of 93.49 against dollar
after close1 source ↓written by the desknot a recommendation
- mark
- 93 per dollar
- intra-day low
- 93.49
- was driven
- 60 paise
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 foreign institutional investor (FII) outflows, and elevated global crude oil prices amid geopolitical tensions in West Asia.
Traders are concerned about rising oil import costs, which could exacerbate inflation and widen the current account deficit, impacting market sentiment.
Not investment advice. For informational purposes only.