New Delhi, March 4 -- The Indian rupee has come under fresh pressure in the foreign exchange market, hitting an all-time high near 92.30 against the US dollar in the spot market, driven by soaring crude oil prices and a global dollar crunch amid escalating tensions in West Asia.

Anindya Banerjee, Head of Commodity and Currency Research at Kotak Securities, on Wednesday stated that with crude oil prices remaining elevated, the rupee is likely to face continued depreciation pressures.

Banerjee said, "USDINR has surged to a fresh all-time high near 92.30 in the spot market, driven by the sharp rise in crude oil prices and a broader shortage of dollar liquidity in global markets amid the escalating conflict involving Iran, the US, and Israe...