Rupee hits record low

The Indian rupee fell to an all-time low on Thursday, pressured ‌by stubbornly high oil prices and persistent foreign portfolio outflows that have led to current and capital account strain for Asia's third-largest economy.

The rupee fell 0.1% to 95.8525 per US dollar, eclipsing its previous record low of 95.7950 hit in the previous session.

The rupee has declined 1.4% this week and ‌hit ⁠record lows in each trading session between Tuesday and Thursday.

India’s heavy reliance on oil imports leaves the currency particularly vulnerable among emerging markets if the Iran war drags on. The country imports about 90% of its oil needs and about 50% of its gas requirements.