Rupee Hits New Low Amid Market Weakness and US-Iran Tensions

The Indian rupee has fallen to 95.74 against the US dollar on Monday due to market weakness, rising Brent crude prices, and uncertainty over new US sanctions targeting Iran.

Forex traders said that despite a positive American currency, weak domestic markets weighed on investor sentiment, causing the rupee to pare its initial gains and settle at 95.74 (provisional) against the greenback, lower by 3 paise from its previous close.

The dollar index was trading at 98.98, higher by 0.18 per cent, while Brent crude prices were down 1.62 per cent at USD 92.86 per barrel in futures trade.