Indian rupee on Thursday opened lower, losing 32 paise to 95.57 against the US dollar in early trade amid a fresh rise in crude oil prices and escalating tensions in the Middle East.
Strong Foreign Institutional Investor outflows, a weak domestic equity market, and a marginally stronger greenback further weighed on the Indian currency.
At the interbank foreign exchange market, the rupee opened at 95.55 against the US dollar before dropping further to 95.57.
On Wednesday, the rupee had gained 16 paise against the US currency to close at 95.25, amid likely intervention from the Reserve Bank of India (RBI) to curb excessive volatility.
The rupee witnessed a weaker opening with oil prices climbing following fresh military exchanges between Iran and the United States.
According to the latest estimates, crude oil prices could touch $105 if the war between Iran and the United States continues further.
Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading at 99.95, up 0.01 per cent.
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