By Shakir Husain
NEW DELHI, March 19 (Bernama) -- The Indian rupee plunged to another record low against the US dollar as escalating military tensions in West Asia roiled India's stock markets on Thursday.
The rupee, weighed down by foreign fund outflows and rising global crude prices since the United States (US)-Israel war on Iran started on February 28, closed at a record low of 92.89 against the US dollar on Wednesday.
While the Indian foreign exchange market was closed due to a local holiday on Thursday, the one-month non-deliverable forward (NDF) rate for the US dollar against the rupee was reported at 93.46.
Indian stocks fell sharply in morning trade on Thursday, with the 30-share BSE Sensex crashing 2.5 per cent and the 50-share NSE Nifty declining 2.4 per cent.
Iran's strikes on key energy installations in the region, including at Ras Laffan in Qatar, after Israel attacked facilities on the Iranian South Pars gasfield on Wednesday have created further energy panic over long-term energy supplies.
The benchmark global Brent crude oil price rose above US$110 per barrel following the escalation in hostilities.
India's oil and gas supplies from West Asia have been hit due to shipping disruptions in the Strait of Hormuz.
-- BERNAMA
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