Rupee hits record intra-day low in early trade, falls 12 paise to 92.37 against US dollar
Mumbai (PTI): The rupee slumped 12 paise to its record low of 92.37 against the US dollar in early trade on Friday as global crude oil prices showed no signs of easing amid the ongoing West Asian conflict.
A stronger greenback, heavy FII selling and weak sentiments in the domestic equity markets further weighed on the rupee, according to forex traders.
At the interbank foreign exchange, the local unit opened at 92.33 and slipped further to hit its record intra-day low of 92.37 against the US dollar, down 12 paise from its previous close.
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The rupee touched a fresh intra-day low of 92.36 on Thursday and closed the session 24 paise down at its lowest level of 92.25 against the US dollar.
"Oil prices remained elevated after Iran said the Strait of Hormuz is closed permanently till the resolution of the crisis. The dollar index also rose, European and Asian currencies all fell against the dollar," Anil Kumar Bhansali, Head of Treasury and Executive Director, Finrex Treasury Advisors LLP, said.
The rupee has remained vulnerable and in the absence of the RBI could have reached 93.00 levels, he added.
The dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.04 per cent higher at 99.77.
Brent crude, the global oil benchmark, was trading higher by 4.99 per cent at USD 96.57 per barrel in futures trade.
On the domestic equity market front, the Sensex plunged 560.06 points, or 0.74 per cent, to 75,474.36, while the Nifty tanked 184.45 points, or 0.78 per cent, to 23,454.70.
Foreign institutional investors sold equities worth Rs 7,049.87 crore on a net basis on Thursday, according to exchange data.
Meanwhile, retail inflation moved up to 3.21 per cent in February compared to 2.74 per cent in the preceding month, driven mainly by higher food prices, government data released on Thursday showed.
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LPG issue: Lok Sabha proceedings adjourned again amid opposition protests
New Delhi (PTI): Lok Sabha proceedings were adjourned till 2 pm on Friday amid relentless protests by opposition members over the LPG situation and hike in its price due to the ongoing West Asia crisis.
As the House reassembled at 12 noon after an earlier adjournment over the same issue, Opposition members trooped into the Well and raised slogans against the government.
After laying of papers, Parliamentary Affairs Minister Kiren Rijiju slammed Congress leader Rahul Gandhi for refusing to understand the pulse of the people saying if the principal opposition continues to behave in such a manner, people will punish them severely.
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"Their leader is refusing to change. Now the members are also behaving like him. Their leader is indulging in drama in Parliament premises by holding plate and glass. They think that by doing such theatrics they will be able to draw the attention of the people, but people know them very well that is why they have not been able to come to power," Rijiju said.
Expressing disappointment over the Congress behaviour, the minister said no one in the Congress party is making their leader see logic.
"Still there is time to change otherwise people of the country will punish you severely," he said.
As the opposition refused to relent, the Chair adjourned the proceedings till 2 pm.
Finance Minister Nirmala Sitharaman is expected to respond to a debate on the second batch of supplementary demands for grants this afternoon.
