The Indian rupee is extending sharp downside to hit fresh lifetime lows and is likely to soon breach crucial Rs 93 per dollar mark for the first time ever. INR opened at a new record low of Rs 92.92 per dollar but recouped some losses to hit 92.88 so far during the day. Elevated oil prices amid ongoing Middle East conflict is seen burdening the country's trade deficit. Meanwhile, a slight reversal in dollar index from 100 mark and recovery in local equities after having crashed yesterday could help limit some sharp losses in the counter. The Indian stock market witnessed a massive crash on Thursday, 19 March 2026, with both benchmark indices plunging over 3% to record their steepest single-day fall in nearly two years. Pessimistic sentiments however continue to add pressure on the counter.

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