Rupee Hits Historic Low of 94.85 Against US Dollar Amid Crude Price Surge

• The rupee plunged 89 paise to close at a record low of 94.85 against the US dollar on Friday.
• Concerns over higher crude oil prices and the West Asia conflict are weighing heavily on the currency.
• Sustained dollar demand and energy-led inflation risks are keeping the rupee under stress.
• Brent crude was trading at USD 110.92 per barrel, up 2.69 per cent.
• Foreign institutional investors sold equities worth Rs 4,367.30 crore, and India's forex reserves dropped by USD 11.413 billion.