USD INR Update

The Indian rupee slipped to a record low against the US dollar on Wednesday, weighed down by elevated crude oil prices and a spike in global bond yields amid concerns over stalled US-Iran peace talks. The local currency opened 33 paise lower at 96.86 a dollar against its previous close of 96.53 level. The rupee eclipsed its previous all-time low of 96.6150 hit in the previous session. The currency is down 6% since the Iran war began in late February. The domestic currency weakened further to 96.96 against the U.S. dollar as stalled US-Iran peace negotiations kept crude oil prices elevated, intensifying concerns over a fresh global inflation surge. Rising inflation fears have pushed global bond yields to multi-year highs, hurting risk appetite across equity markets.