INR crashes to record closing low beyond Rs 92 per dollar mark amid soaring oil prices

The Indian rupee slumped 67 paise to close at an all-time low of 92.16 against US dollar on Wednesday, weighed down by surging crude oil prices in the wake of the Iran crisis. The dollar index crossed 99 levels on the risk-off situation prevailing all around the globe amid the US-Iran crisis, further pressurizing the rupee. Moreover, massive selling in domestic equity markets and withdrawal of foreign funds further dragged the Indian currency down. The domestic currency slumped to a low of 92.35 before recovering some deep losses and ending the day off days low. Benchmark indexes Sensex and Nifty both fell nearly 2 percent in early trade before recouping some losses as Russia announced its preparedness to increase oil deliveries to China and India, if needed.

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