Rupee hits record low past 94/USD, heads for worst fiscal-year drop since 'taper tantrum' [Yahoo! Finance]
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Source: Yahoo! Finance
94-per-dollar mark on Friday, hammered by worries over the energy supply crisis sparked ?by the Middle East war, putting the currency on track for its first fiscal-year drop ?since the 'taper tantrum'. The rupee fell to 94.2950 per dollar, eclipsing its previous all-time low of 93.98 hit earlier this week. It ?has declined about 3.5% since the war began last month and is down more than 10% since March 31, 2025. India's fiscal year runs from April to March. The last comparable drop was in 2013-14, when global markets were roiled by the so-called 'taper tantrum' after the Federal Reserve signalled it would begin withdrawing post-crisis ?monetary stimulus - one of the most ?turbulent periods for the rupee since the global financial crisis. The ongoing war, meanwhile, is the most severe energy supply disruption in decades and has sent oil ?prices soaring and curtailed key exports from the Middle East, with spillovers ranging from cooking gas to household plastics. The conflict h
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