Rupee falls to record low, drops 23 Paise against US Dollar

The Indian rupee extended its losing streak on Tuesday, falling 23 paise to close at a fresh all-time low against the US dollar amid sustained global pressure.

During intraday trade, the rupee slipped further to 96.61 against the US dollar, marking its weakest level ever before settling at 96.58. The currency had closed at 96.36 in the previous session.

This marks the 12th consecutive day of depreciation for the rupee, driven by rising crude oil prices, global economic uncertainty, and continued strength in the US dollar.

At the interbank foreign exchange market, the rupee opened at 96.37 and witnessed steady selling pressure throughout the session before recovering slightly from its intraday low.

So far this year, the Indian currency has depreciated by around 7%, reflecting persistent external headwinds and volatility in global markets.

Market analysts point to elevated energy prices and geopolitical tensions as key factors weighing on investor sentiment and foreign exchange stability.