INR tumbles to all time low under Rs 92 per dollar mark

The Indian rupee slumps to all time low under Rs 92 per dollar mark on Wednesday as a sharp spike in crude oil prices amid geopolitical tensions following the escalation of the USIran conflict weighed on investor sentiment. INR opened at Rs 92.05 per dollar and fell to a low of 92.18 so far during the day. The domestic currency is under severe pressure due to a sharp spike in crude oil prices, with Brent Crude crossing the USD 82 per barrel level in futures trade in the wake of the Iran crisis, which dented investor sentiments. Besides, the greenback climbed to a three-month high above 99 mark as rising oil prices triggered inflation concerns that reduced likelihood of Federal rate cut anytime soon, weighing on the local unit. Benchmark indices also collapsed around 2% in early trades today. Sensex crashed 1,758.22 points to 78,480.63 in early trade; Nifty tanked 530.85 points to 24,334.85

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