Rupee Slides to Record Lows as Oil Surge, FII Outflows Persist

The Indian rupee resumed its downward spiral to fresh record lows following Thursday’s holiday, battered by a ‘double whammy’ of persistent foreign fund outflows and surging crude oil prices. With a widening trade deficit and inflationary pressures mounting, the RBI to adopt a status quo in April meeting. While geopolitical volatility remains a key driver for short-term sentiment, the USDINR technical setup remains bullish; having breached ascending channel resistance, the pair eyes a 93.75 level with support shifting to 92.90.