The Indian rupee weakened for the third consecutive session on Monday, falling 29 paise to settle at 95.22 (provisional) against the US dollar, pressured by elevated crude oil prices and geopolitical tensions in the Middle East.
Forex market participants attributed the decline to a stronger US dollar and a slight uptick in US Treasury yields. However, gains in domestic equity markets helped limit the rupee’s losses.
At the interbank foreign exchange market, the rupee opened at 94.92 against the dollar before slipping to an intraday low of 95.26. It eventually closed at 95.22 (provisional), down 29 paise from its previous close.