Rupee slips to record low, breaches 93 mark for first time 

The Indian rupee fell to a record low despite a rally in the stock market on Friday. The currency fell below the 93 mark  for the first time as the US dollar rose further and FII outflows continued relentlessly amid the ongoing West Asia war. The rupee sinked 60 paise to a fresh low of 93.49 against the US dollar. 

Forex traders said high global crude oil prices put further pressure on the local currency. The Indian currency also sinked amid reports that global crude oil prices are likely to hit $180/barrel due to missile attacks on vital energy assets and closure of Strait of Hormuz by Iran. 

At the interbank foreign exchange, the Indian currency opened at 92.92 against the greenback and soon breached the 93-mark for the first time. The local unit kept falling and was trading at 93.49, down 60 paise from its previous close.

On Wednesday, the rupee fell 49 paise to end at its previous record low of 92.89 against the US dollar. Forex markets were closed on Thursday on account of Gudhi Padwa.

The dollar index, which measures the greenback's strength against a basket of six currencies, was trading 0.17 per cent higher at 99.40.

Brent crude, the global oil benchmark, was trading 0.79 per cent lower at $107.8 per barrel in futures trade.

On the stock market front, Sensex rebounded from Thursday's crash, rising 442.88 points, or 0.60 per cent to 74,650.12, while Nifty surged 146.65 points, or 0.64 per cent, to 23,148.80.

Foreign institutional investors sold equities worth Rs 7,558.19 crore on a net basis on Thursday, according to exchange data.

Ponmudi R, CEO of Enrich Money, a SEBI-registered online trading and wealth tech firm said," On the domestic front, the Indian rupee remains under pressure amid a strengthening dollar and elevated crude oil prices. Additionally, sustained selling by Foreign Institutional Investors in domestic equities over recent sessions has exerted further pressure on the local currency."