Indian Rupee Hits Historic Low of 92.32 Against Dollar; RBI Under Pressure

The domestic currency faced severe downward pressure today, reaching a record low against the greenback. The decline of the Rupee is primarily driven by the strengthening US Dollar and the volatility in global oil markets caused by geopolitical uncertainties. Foreign Institutional Investors (FIIs) have been net sellers, adding to the currency's woes. While the Reserve Bank of India (RBI) is suspected of intervening in the NDF markets to curb excessive volatility, the broader trend remains bearish for the Rupee in the short term.