Indian Rupee Hits Record Low of 93.83 Against US Dollar

• Indian Rupee opened at a fresh record low of 93.83 against the US dollar on Monday, March 23.
• The currency extended its weakness after logging its sharpest single-day decline in four years on Friday.
• Crude oil prices remained elevated, with Brent crude above $110 per barrel, adding to import bill concerns.
• Reserve Bank of India's net short dollar position approached $100 billion, reflecting forward sales of forex reserves.
• Foreign investor outflows, including $9 billion from equities and $1.4 billion from bonds, weighed on the rupee.