The Indian rupee continued its free fall for the second straight week, sliding 41 paise to a fresh all-time low of 93.94 against the US dollar on Monday amid soaring global crude oil prices triggered by the escalating Middle East conflict and a persistently strong greenback.
Sustained foreign fund outflows and a sharp crash in domestic and regional equity markets in early trade added further pressure on the local currency, forex traders said.
At the interbank foreign exchange, the rupee opened at 93.84 before weakening to 93.94, down 41 paise from Friday’s close.
The rupee had already breached the 93 level for the first time on Friday, losing 64 paise to settle at a then-record low of 93.53.
The ongoing decline is driven by heightened uncertainty in the Middle East, surging oil prices, a robust US dollar, falling gold and silver prices, and waning foreign investor confidence in Indian markets over the past two weeks.
Despite interventions by the Reserve Bank of India to stabilise the currency, the rupee has weakened consistently for the second consecutive week.
Also read: Asian markets slide in early trade
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