The Rupee falls to record low of 95.63 against US dollar in early trade, showing growing pressure on the Indian currency. The rupee opened at around 95.57 per dollar in the interbank foreign exchange market and later slipped to a historic low of 95.63.
Experts say the Rupee falls to record low of 95.63 against US dollar mainly because of rising global tensions and increasing crude oil prices. Market sentiment weakened due to concerns over conflicts in West Asia and uncertainty in global financial markets.
Higher oil prices have increased the demand for US dollars, which puts pressure on the Indian currency. Analysts also noted that foreign investors selling Indian equities and global market volatility added to the rupee’s decline.
The rupee had already dropped sharply in the previous trading session, closing at around 95.28 per dollar. Economists warn that continued global uncertainty and rising energy prices may keep the rupee under pressure in the coming weeks.
