Rupee slumps to record low of 92.33, down 59p

The rupee plunged to a record low of 92.33 - down 59 paise - on Monday as the West Asia war enters its second week, sharply pushing up oil prices to nearly $120 per barrel during the day.

- CHRISTINA TITUS

Surging crude oil prices led to a decline in almost all the Asian currencies. The rupee, which fell 0.64%, was the third worst-performing Asian currency, followed by Philippines peso and Taiwanese dollar, which declined 0.86% and 0.75%, respectively. Hong Kong dollar was the only Asian currency to close in the green (up 0.07%).

The one-year forward premium rose to 2.94%, the highest in two months. With the rupee on boil,importers rushed to hedge their exposures, while exporters have reduced hedging to take advantage of a weaker rupee.