Rupee Falls Seven Straight Sessions Against Dollar

The Indian Rupee (INR) continued its downward trend against the US dollar on Wednesday, marking its seventh consecutive weak session. The rupee lost 7 paise to settle at 95.95 against the greenback.

The decline was attributed to a strong US dollar overseas and foreign fund outflows, which affected the rupee's value. However, the local unit's slide was capped by positive domestic equity markets.

Crude oil prices remained elevated due to the escalating US-Iran conflict, but its impact on the rupee was limited. At the interbank foreign exchange market, the rupee opened at 95.89 and traded between 95.85 and 95.98 against the dollar before settling at 95.95.

The rupee has been under pressure for several sessions, with a significant decline of over 1% since September 4 when it closed at 94.43.