Rupee at new low of 83.28/$ on crude fears

The Indian rupee closed at a record low of 83.28 against the US dollar, despite the Reserve Bank of India (RBI) selling US currency. The rupee’s decline is attributed to concerns about the Israel-Hamas conflict potentially involving neighboring countries, leading to higher oil prices. The currency market is reacting to these tensions, and if the conflict escalates, oil prices could rise further.