image sourced from original article at The rupee weakened further against the United States dollar on Tuesday, slipping 18 paise to 96.38 in early trade. The decline comes amid rising crude oil prices and escalating tensions in the Middle East, which have dampened global market sentiment. Since the Iran conflict began in late February, the rupee has fallen by more than 5 percent, with a 2.2 percent drop recorded in the past week alone.
The currency had already breached the 96-per-dollar mark last week and touched a record low of 96.39 in the previous session. Analysts attribute the pressure to persistent geopolitical uncertainty involving the United States and Iran, along with elevated crude oil prices that increase import costs and widen dollar outflows for emerging economies like India.
Market experts expect the rupee to remain under pressure due to a strong dollar and rising United States treasury yields, although possible intervention by the Reserve Bank of India and restrictions on gold and silver imports may offer some support. Despite the currency weakness, domestic equity markets opened higher, with benchmark indices posting modest gains in early trade.
