Rupee Falls Sharply Amid Crude Oil Spike and Market Sell-Off

The Indian rupee fell to its lowest level in recent history, slipping by 23 paise to close at 95.96 against the US dollar on Thursday.

The decline was attributed to a combination of factors, including rising crude oil prices and a strong greenback, which weighed heavily on investor sentiment due to geopolitical uncertainties.

Aamir Makda, Commodity & Currency Analyst at Commodity Technical Research, Choice Broking, pointed out that the rupee's drop was compounded by surging Brent crude oil prices and a robust US dollar.

The dollar index traded at 100.99, up 0.18%, as investors sought safe-haven assets amidst rising inflation fears triggered by surprisingly resilient purchasing managers' index data in the US.