Rupee Falls for Seventh Day as Strong Dollar and Crude Oil Pressures Mount

The Indian rupee continued its downward trend for the seventh consecutive day, depreciating by 7 paise to settle at 95.95 against the US dollar on Wednesday.

This decline was largely driven by a strong greenback overseas and foreign fund outflows, according to forex traders.

However, the rupee's slide was cushioned by positive domestic equity markets, which rose 332.63 points, or 0.45%, to settle at 74,336.45, while the Nifty advanced 99.00 points, or 0.43%, to 23,217.60.

Anuj Choudhary, Research Analyst at Mirae Asset Sharekhan, attributed the rupee's decline to elevated crude oil prices and rising US Treasury yields, which have led to higher demand for dollars by importers.