US-Iran war effect: Rupee hits fresh record low as crude oil price boils 

The rupee slipped nearly 14 paise to a fresh record low in early deals on Friday as soaring crude oil prices amid the Iran and US war wrecked sentiment in the global equity markets. 

The Indian currency slipped 14 paise to a record low of 92.39 against the US dollar weighed down by a sharp rise in brent crude oil prices amid rising crisis in the global energy sector. The currency closed at 92.25 on Thursday amid a crash in the equity markets. Brent crude oil prices closed above the $100 per barrel mark on Thursday for the first time since August 2022 sending global markets including the US into a tailspin. 

FII outflows and a crash in the domestic equity markets further pressured the local unit, according to forex traders. 

Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities said, "Oil movements remain a key driver for the rupee, with crude on the domestic exchange rising another 4% today, which tends to widen India’s import bill and weigh on the currency. For now, the expected trading range for the rupee is 91.45–92.75, while market participants will closely watch US GDP data today."