Re breaches 93/$ as risks from long Iran war mount

THE ESCALATING CRISIS in West Asia continued to pressure the Indian rupee,which breached the 93 mark for the first time on Friday — the worst single-day fall in four years.

- CHRISTINA TITUS

It fell to a record low of 93.71, down 1.16% from the previous close as the ongoing war pushed oil prices to $108 per barrel (bbl) on Friday.

After Friday's sharp fall, the depreciation in the current financial year reached 9.65%, the worst in 12 years. The rupee has been the worst-performing currency in FY26, followed by Japanese yen and Philipine pesso at 5.46% and 4.76%, respectively.

Currency traders said that the Reserve Bank of India (RBI) refrained from aggressive intervention to defend the rupee, opting instead to permit its depreciation.