The Indian rupee continued to fall on Thursday, declining by 0.3% to 92.35 against the United States dollar, Reuters reported. This breached the currency’s previous record low of 92.34 hit earlier this week, the news agency reported.
The currency’s value improved marginally to end the Thursday session at 92.18.
On Wednesday, the rupee had closed at 92.04 against the US dollar.
Meanwhile, the benchmark Brent crude oil prices climbed to $100 per barrel on Thursday as Iran stepped up attacks on oil and transport facilities in West Asia, Reuters reported. Tehran has warned that the oil prices could reach as high as $200 per barrel.
Global oil prices have surged due to the conflict in West Asia, with the benchmark Brent crude rising from about $72 per barrel on February 27, just before the conflict began.
On Monday as well, global oil prices had briefly crossed the $100-per-barrel mark, the highest since July 2022.
Global oil prices have risen by about 50% since Israel and the United States attacked Iran on February 28. The escalating tensions have raised fears of disruption to shipments through the Strait of Hormuz.
The narrow waterbody connects the Gulf to the Arabian Sea. About 20% of the global petroleum supply passes through the maritime chokepoint.
The conflict in West Asia began after Israel and the United States launched a joint operation to “degrade the capabilities” of the Iranian government. Tehran retaliated by striking Israel and US military bases in the region, and targeting major cities in other Gulf countries and some ships.
