Indian rupee hits record low, central bank intervention limits fall
Business
The rupee fell 0.6% to 92.3350, eclipsing its previous all-time low of 92.3025 hit last week
MUMBAI (Reuters) – The Indian rupee slipped to its all-time low on Monday as an unyielding surge in oil prices pummelled Asian currencies across the board, with the South Asian unit's losses capped by likely central bank intervention, traders said.
The rupee fell 0.6% to 92.3350, eclipsing its previous all-time low of 92.3025 hit last week.
The currency has remained under pressure since the US-Israeli campaign against Iran began last week, rattling markets worldwide and driving up oil prices.
Heightened energy costs pose macro-economic risks for major oil importers such as India, and also make investors risk averse towards emerging market assets.
