Rupee Crashes to Record Low of 93.71 After Breaching 93 Mark

The Indian rupee plunged sharply on Friday, crashing 82 paise to settle at a record low of ₹93.71 against the US dollar , after breaching the 93-mark for the first time in early trade. The steep fall reflects sustained global and domestic pressures, including rising crude oil prices, foreign fund outflows, and heightened geopolitical tensions.

At the interbank foreign exchange, the rupee opened at 92.92 and initially slipped to an intra-day low of 93.08, crossing the 93 level for the first time. The currency continued to weaken through the session before settling at its lowest-ever closing level, down significantly from its previous close of 92.89 recorded on Wednesday. Forex markets were closed on Thursday on account of Gudhi Padwa.

Market participants noted that global uncertainty has triggered risk-averse sentiment , prompting investors to move towards safe-haven assets like the US dollar. Analysts also pointed out that major central banks, including the US Federal Reserve, ECB, Bank of England, and Bank of Japan, have maintained interest rates, signalling continued caution amid inflation concerns.

Despite the rupee’s sharp fall, domestic equity markets showed some resilience. The Sensex and Nifty recovered from previous losses to post moderate gains during the session, offering limited support to the local currency.

Experts warned that the rupee may continue to trade with a negative bias , with the USD-INR pair likely to remain in the 93.20–93.80 range in the near term. A weaker rupee is expected to increase import costs , particularly crude oil, potentially widening the Current Account Deficit (CAD) and adding to inflationary pressures.