Indian Rupee Nears Record Low Amid Rising Oil Prices and Geopolitical Tensions

The Indian rupee hovered near record lows against the US dollar, opening around 92.42-92.44 and touching an intra-day low of 92.47 amid geopolitical tensions from the US-Israel-Iran conflict. Elevated crude oil prices above $104 per barrel and sustained foreign fund outflows pressured the currency. The Reserve Bank of India intervened through state-run banks to stabilize the rupee, while India's forex reserves declined to $716.81 billion. Market sentiment remains fragile due to ongoing war-related uncertainties and potential impacts on trade and finances.