The Indian rupee fell 28 paise to 94.77 against the US dollar in early trade on Thursday, pressured by rising crude oil prices and global uncertainty.
Traders said the currency weakened after a brief recovery in the previous session as Brent crude climbed back above the $100 per barrel mark. Market sentiment was also affected by ongoing US–Iran talks, which created volatility in oil prices.
Since India relies heavily on oil imports, higher crude prices increase dollar demand and weigh on the rupee. Foreign fund outflows and cautious global sentiment added further pressure on the currency’s movement.