The Indian rupee is dangerously hovering near record lows and is seen very likely to plunge further as new tariff woes from US in adding to already distressed local currency. The U.S. imposed 10% tariffs on goods purchased from India and 16 other countries over the issue of the use of forced labour in the production of such items.The domestic currency has been under pressure amid the ongoing Middle East crisis that is driving oil prices steadily higher and dollar index above 101 mark. Adding to woes, sharp decline in local equities as foreign investors withdraw sharply from Indian equities. INR opened at Rs 96.81 per dollar and was pulled back to a 96.48 so far during the day by possible RBI intervention to stabilize rupee from falling beyond record lows. The BSE Sensex has crashed over 700 points to trade near 75,653.80, while the NSE Nifty 50 has dropped below the key support level of 23,700 to trade at 23,627.90. Brent crude has surged back above $100 per barrel. This spike is driven by Houthi attacks on tankers in the Red Sea and an escalating US-Iran conflict. It directly renews India's balance of payments and domestic inflation worries.

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