Rupee falls to record low of 96.25 against US dollar amid rising crude oil prices

PTC Web Desk: The Indian rupee opened lower on Monday and touched a fresh record low of 96.25 against the US dollar during early trading. The fall came as rising crude oil prices, global uncertainty and a strong US dollar continued to put pressure on the domestic currency.

At the interbank foreign exchange market, the rupee started trading at 96.19 per dollar and later slipped further to 96.25, down by 44 paise compared to its previous close.

On Friday, the rupee had already crossed the 96-per-dollar mark during trading before ending the session at a record closing low of 95.81 against the American currency.

Currency market experts said the rupee is facing pressure due to multiple global factors. Rising oil prices, tensions in the Middle East and the strengthening of the US dollar have created challenges for emerging market currencies, including the Indian rupee.

Meanwhile, the dollar index, which measures the strength of the US dollar against six major currencies, was trading slightly higher at 99.32 amid ongoing tensions linked to Iran.

Brent crude oil prices also remained high, rising 1.83 per cent to USD 111.26 per barrel in futures trade.

In another development, the Centre recently tightened import rules for silver. Days after increasing customs duty on precious metals, the government placed silver imports under a licensed category to regulate incoming shipments.