New Delhi, May 19 -- The rupee's weakness looks set to persist in the near term as elevated crude prices and sustained foreign fund outflows keep the currency under strain.

The Indian rupee "traded sharply weaker, as continued rise in crude oil prices and persistent foreign fund outflows kept heavy pressure on the currency," said Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities.

He noted that "India's high dependence on imported crude is worsening sentiment, with Brent crude staying elevated amid ongoing uncertainty around the US-Iran conflict and Strait of Hormuz concerns."

That pressure pushed the rupee to a fresh intraday low this week. Dilip Parmar, Research Analyst, HDFC Securities, said, "The Indian ru...