Rupee hits record low of ₹94.24 as global uncertainty weighs on markets

The Indian rupee plunged to an all-time low of 94.24 against the US dollar in early trade on Friday, reflecting mounting pressure from global economic uncertainty and volatile commodity markets.

The sharp depreciation comes amid ongoing geopolitical tensions in West Asia, which have kept financial markets on edge. Weak global cues and sustained foreign capital outflows further weighed on the domestic currency.

Meanwhile, crude oil prices remained highly volatile during the week. Brent crude slipped over 5 per cent to hover near the $100 per barrel mark, while US WTI crude also declined by nearly 5 per cent, trading around $90. Despite the fall, oil prices continue to remain elevated, adding pressure on oil-importing countries like India.

The uncertainty also boosted demand for safe-haven assets. Gold prices rose over 1 per cent to Rs 1,40,979, while silver surged nearly 2 per cent, reflecting investor caution.

Global equity markets mirrored the cautious sentiment. US indices ended lower, with the S&P 500 falling 1.74 per cent and the Nasdaq dropping 2.38 per cent. Asian markets followed suit, with declines across key indices.

Back home, Indian stock markets opened in the red. The Sensex fell over 400 points in early trade, while the Nifty slipped below the 23,200 mark, tracking weak global trends.

Market sentiment remains fragile as uncertainty persists over the Iran-US situation, with no clear breakthrough despite ongoing diplomatic signals.

(This story was taken from syndicated feed and was only edited for style by Gujarat Samachar Digital team)