Rupee nears 94/USD, down 41 paise to record low of 93.94 in early trade

MUMBAI: (Mar 23) The rupee continued its slide in the early trade on Monday, losing 41 paise to slump to a record low of 93.94 against the US dollar as the raging war in West Asia kept global crude oil prices elevated, and the greenback remained strong.

Sustained foreign fund outflows and a crash at the domestic equity markets in the morning session further weakened the local unit, forex traders said.

At the interbank foreign exchange, the local unit opened at 93.84 against the US dollar before sliding further to its record low of 93.94, down 41 paise from its previous close.