Rupee Hits New Lifetime Low of 92.40 per Dollar
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- Rupee opened at 92.35, fell to an intra‑day low of 92.47, and closed at a new lifetime low of 92.40 per US dollar, a 12‑paise loss from the prior close.
- Anuj Choudhary of Mirae Asset ShareKhan attributed the rupee’s decline to a surge in crude oil prices and continued foreign institutional investor outflows, while a domestic market rebound and a softer dollar limited the drop.
- RBI may intervene and a reopening of the Strait of Hormuz could help support the rupee at lower levels, according to analyst commentary.
- Investors are watching upcoming monetary‑policy meetings of the FOMC, ECB, Bank of Japan and Bank of England, with the USD‑INR spot expected to trade between Rs 92.10 and Rs 92.75.
- Dollar index rose 0.05 % to 99.52, while Brent crude jumped 2.65 % to $102.86 per barrel, underscoring the oil‑price pressure on the rupee.
- Sensex gained 567.99 points (0.75 %) to 76,070.84 and Nifty rose 172.35 points (0.74 %) to 23,581.15, providing some offset to the currency’s weakness.
Why it matters: Importers and borrowers with dollar‑denominated debt face higher costs as the rupee weakens, while Indian equities benefit from the modest rebound that limited the currency’s fall. The RBI’s potential intervention could stabilize the rupee, affecting traders and investors alike in the short term.
