Rupee Falls Below Key 96 Mark Amid Oil Price Pressures

The Indian rupee weakened further against the US dollar on Wednesday, falling to 95.97 in early trade.

This decline came as demand for the greenback from state-run oil marketing companies and higher crude oil prices weighed down the currency.

The Reserve Bank of India's (RBI) active presence in the market through dollar sales by state-run banks has restricted the USD/INR pair below 96.00, according to Anindya Banerjee, head of commodity and currency research at Kotak Securities.