Rupee Falls Sharply Against US Dollar

The Indian rupee extended its decline amid adverse global developments, slipping by 39 paise against the US dollar to close at 96.20. In the interbank forex market, the rupee opened weaker at 96.19 compared to the previous close of 95.81 and touched an intraday low of 96.39 before recovering slightly.

According to forex traders, rising crude oil prices due to West Asia tensions and a strengthening US dollar have continued to pressure the rupee. The ongoing global uncertainty is expected to keep volatility high in the currency markets in the coming days.

However, analysts suggest that intervention from the Reserve Bank of India or restrictions on gold and silver imports could provide some support at lower levels. Market experts estimate that the rupee may continue to trade in the range of 96 to 96.60 in the near term.