Indian Rupee Hits Record Low of 96.9 Against US Dollar

The Indian rupee plummeted to a historic low of approximately 96.9 against the US dollar on Wednesday, marking its eighth consecutive session of decline. According to BeInCrypto, the currency has depreciated about 6% since late February, when it was near 87 per dollar, and has lost over 50% of its value since 2009. The ongoing US-Iran conflict, rising crude oil prices, and increasing bond yields are exacerbating the rupee's decline. Foreign portfolio investors have withdrawn over $22 billion from Indian stocks this year. Asset managers, including Aberdeen Investments and MetLife Investment Management, warn that the rupee could weaken further, potentially reaching 100 per dollar if the geopolitical standoff persists. The Indian government has responded by raising fuel prices and gold import duties to curb dollar outflows, while Prime Minister Narendra Modi has urged citizens to conserve fuel and limit non-essential foreign travel.