Indian Rupee Hits Record Low of 92.18 Amid Oil Surge

The Indian rupee plunged to a record low of 92.18 against the US dollar on March 4 in Mumbai, driven by a surge in global oil prices amid escalating military conflict in the Middle East involving the United States, Israel, and Iran.

The currency weakened by 69 paise from its previous close of 91.49 on March 1, with trading resuming after a holiday closure on March 2 for Holi. Forex traders attributed the sharp decline to heightened geopolitical tensions, which pushed investors toward safe-haven assets like the dollar. The dollar index, measuring the greenback's strength against a basket of major currencies, rose slightly to 99.08, reflecting broader risk aversion in global markets.

The rupee's slide coincided with a rally in crude oil prices, as Brent crude futures climbed above 82 dollars per barrel, up more than 1 percent in early trading. The spike stemmed from coordinated US and Israeli military strikes on Iran over the weekend, which targeted ballistic missile sites, warships, and other assets. Iranian officials reported that Supreme Leader Ayatollah Ali Khamenei was killed in the offensive. In retaliation, Iran's Islamic Revolutionary Guard Corps launched missile and drone...