The rupee on Friday fell to a record low of 92.02 before closing slightly higher at 91.97 against the US dollar amid a strong American dollar and unpredictable geopolitical developments. Also, silver crashed 17 per cent while gold tanked 9 per cent.Forex traders said investor sentiment was negatively impacted by sustained withdrawal of foreign capital and a decline in domestic equities.At the interbank foreign exchange, the rupee gained ground against the US dollar during intraday trading, closing at 91.82 after opening at 91.89. The currency ended the session at 91.97, up barely 2 paise from the previous closing level, after hitting its lowest-ever level of 92.02.On the Indian equity market front, the Nifty plunged 98.25 points, or 0.39 per cent, to 25,320.65, while Sensex dropped 296.59 points, or 0.36 per cent, to 82,269.78.Exchange data showed that on January 29, foreign institutional investors sold stocks worth Rs 393.97 crore.The Economic Survey, which was tabled in Parliament on Thursday, stated that the rupee is “punching below its weight and investor reluctance to commit funds to India warrants examination at a time when inflation is under control and the growth outlook is favourable”.Meanwhile, silver futures crashed 17 per cent to Rs 3.32 lakh per kg, while gold tanked 9 per cent to Rs 1.54 lakh per 10 grams, tracking weak trends in the global markets and surging American currency.Gold futures with April expiry on MCX dropped around 9 per cent to hit a low of Rs 1,67,406 per 10 grams. This comes a day after the contracts hit a fresh lifetime high of Rs 1,93,096 per 10 grams. This means gold futures fell 13 per cent (Rs 25,690 per 10 grams) in just a day.Silver futures with March expiry, meanwhile, plunged nearly 17 per cent to Rs 3,32,002 per kg. This marks a fall of nearly 21 per cent (Rs 88,046 per kg) in just a day after hitting a fresh lifetime high of Rs 4,20,048 per kg.Today’s steep decline in gold and silver prices could be viewed as a usual case of profit booking following an extended record rally.While high positioning, strong dollar fluctuations and an upswing in bond yields have led to a correction in gold prices, from a medium- to long-term viewpoint, the prices have continued to find support due to global uncertainty, buying from central banks and limited supply-demand relations.