New Delhi, March 9 -- The Indian Rupee touched record low of 92.33 on Monday, March 9, as a sharp rise in global oil prices fueled by the escalating Middle East conflict heightened worries about India's external balances. The rupee opened 0.50% lower, or 46 paise down, at 92.1975 per US dollar. The rupee ended at 91.74 on Friday, March 6.

The drop of over 50 paise from the close on Friday (March 6) represents one of the steepest single-day declines in recent months, underscoring the increasing pressure on the rupee.

Reports indicated that traders believe the Reserve Bank of India likely intervened in the foreign exchange market earlier in the session to mitigate volatility. Market participants suggest that the central bank was probably ...