Rupee hits record low: Currency slips to 95.34 against US dollar as crude oil prices tops $120 per barrel

NEW DELHI: Rupee slid to a fresh lifetime intraday low of 95.34 against the US dollar on Thursday, weighed down by soaring global crude oil prices and selling pressure in domestic equities amid the West Asia crisis.At the interbank foreign exchange market, the rupee opened weaker at 95.01 against the dollar and dropped 46 paise to hit the record low. It later recovered slightly but remained under pressure, trading at 95.25 in mid-session, down 37 paise.The currency had already fallen 32 paise to an earlier low of 95.20 in early trade, extending its losses as elevated oil prices and global uncertainties continued to weigh on investor sentiment.At the interbank foreign exchange market, the rupee opened at 95.01 and weakened further to touch a record low of 95.20, extending losses from the previous session. Earlier on Wednesday, the currency had depreciated 20 paise to close at 94.88 against the dollar.Global oil prices surged past $120 after briefly touching $122, the highest level since 2022 as fears of prolonged supply disruptions intensified amid a deadlock in talks to end the US conflict with Iran.Forex traders said the USD/INR pair may face further downside as elevated oil prices are expected to increase India’s import bill, while concerns over a broader conflict in West Asia continue to weigh on investor sentiment.Brent crude, the global oil benchmark, rose 3.16 per cent to USD 121.76 per barrel in futures trade, while the dollar index edged 0.01 per cent higher to 98.96, reflecting continued strength in the US currency after the Federal Reserve kept interest rates unchanged.In the domestic equity market, the BSE Sensex fell 821.79 points to 76,674.57 in early trade, while the NSE Nifty declined 287.3 points to 23,890.35.Foreign Institutional Investors continued to offload Indian equities, selling shares worth Rs 2,468.42 crore on Wednesday, according to exchange data.