Rupee falls to record low against US dollar as the Indian currency slipped by 2 paise to close at a historic low of 95.25 on Tuesday. Currency traders say global tensions and rising crude oil prices pushed the rupee lower during the day’s trading.
At the interbank foreign exchange market, Rupee falls to record low against US dollar after opening at 95.30 and touching an intraday low of 95.44 before settling at 95.25. The fall came just a day after the rupee had already closed at 95.23, showing continued pressure on the Indian currency.
Forex experts say high global oil prices and geopolitical tensions in the Gulf have increased demand for the US dollar. Foreign investor outflows and weak market sentiment have also added pressure on the rupee.
Meanwhile, India’s stock markets also ended lower. Analysts believe the Reserve Bank of India may step in to stabilize the currency if the decline continues.
