Rupee Hits Record Low of 94.03 Against US Dollar Amid Global Turmoil

• The rupee slumped 50 paise to a new record closing low of 94.03 against the US dollar, breaching the 94/dollar barrier for the first time.
• Spiralling global crude prices, unabated foreign fund outflows, and a strengthening US dollar contributed to the rupee's decline.
• The local unit opened at 93.84 and consistently lost ground throughout the day.
• Geopolitical tensions in West Asia and weak domestic markets further pressured the rupee, alongside a surge in crude oil prices and FII outflows.
• Analysts expect continued negative bias for the rupee, with potential RBI intervention to offer support; the USD-INR spot price is projected to trade between Rs 93.60-94.40.