Steepest single-day rupee dive in 4 years

Import costs may soar as currency falls 82 paise over Iran conflict

- BENN KOCHUVEEDAN @Mumbai

THE rupee on Friday logged its steepest single-day decline in four years, closing at a record low of 93.71 against the dollar, down 82 paise, as escalating tensions in West Asia kept crude oil prices elevated.

The currency opened at 93.15 and remained under pressure through the session. During intraday trading, it weakened 1.1% to touch 93.7350 (down 103 paise), breaching its previous record low of 92.63 hit earlier this week. The rupee eventually settled at 93.71, marking a weekly decline of about 1.3%—the sharpest since late 2022.

With this, the rupee has earned the dubious distinction of being the worst-performing currency in Asia, depreciating over 5.5% so far this year.