Rupee Hits Record Low of 93.98 vs USD Amid Middle East War Worries

• Indian rupee fell to a record low of 93.98 against the U.S. dollar, surpassing its previous low of 93.7350.
• The decline is attributed to concerns over the escalating Middle East conflict disrupting energy supplies and raising risks for India's economy.
• The rupee has depreciated about 3% since the Iran war began on February 28, driven by a 50% surge in oil prices and gas supply disruptions.
• Asian currencies also saw declines, while the dollar index rose due to safe-haven demand.
• Foreign investors have withdrawn over $11 billion from Indian stocks and bonds in March, contributing to pressure on the local currency.