Rupee Falls 34 Paise to 93.78 Against US Dollar

The Indian rupee weakened for the third consecutive trading session on Wednesday, falling 34 paise to close at 93.78 against the United States dollar amid renewed global uncertainty and rising crude oil prices.

According to forex traders, concerns over the outcome of peace talks involving the United States and Iran reduced hopes of easing tensions in West Asia, triggering a sharp rise in oil prices. Higher crude prices typically put pressure on the rupee as India imports a large share of its energy requirements.

The domestic currency also came under pressure due to intense selling in Indian equity markets and continued outflows of foreign capital.

At the interbank foreign exchange market, the rupee opened at 93.69 and touched an intraday low of 93.87 against the greenback before settling at 93.78.

Market participants will continue to track geopolitical developments, crude oil prices, and foreign fund flows for further direction in the currency market.