New Delhi, March 13 -- The Indian rupee slipped to a fresh lifetime low on Friday as escalating geopolitical tensions in the Middle East and rising crude oil prices rattled financial markets. The sharp spike in oil prices has raised concerns about India's economic outlook, given the country's heavy dependence on energy imports.

The domestic currency weakened to 92.39 per dollar, breaching its previous record low of 92.3575 recorded in the previous session. Since the conflict involving Iran intensified, the rupee has declined by more than 1%, reflecting rising pressure on emerging market currencies.

Apart from geopolitical tensions, the rupee also came under pressure from a stronger U.S. dollar, persistent foreign institutional investor ...