Rupee hits a new low at 84.50 against US dollar

The Indian rupee plummeted to a new all-time low of 84.50 against the US dollar due to a massive sell-off in domestic equities, sustained foreign investment outflows, and surging crude oil prices. The US dollar strengthened as a safe haven currency amidst escalating Russia-Ukraine tensions. The rupee’s decline was further fueled by risk aversion in global markets and the Adani Group controversy.