Rupee hits fresh record low against US dollar amid West Asia crisis

• The rupee slumped 20 paise to close at a fresh record low of 93.96 against the US dollar on Wednesday.
• Heavy FII outflows and simmering tensions in West Asia kept investors on edge, contributing to the rupee's decline.
• Despite a drop in global crude oil prices, a weaker greenback, and positive domestic equity market sentiments, the rupee found no respite.
• The local unit opened at 93.94 and traded between 93.86-94.13 before settling at its all-time low.
• Anil Kumar Bhansali of Finrex Treasury Advisors LLP expects RBI to protect the 94 level and potentially bring it down to 93.30-92.80.