India, May 18 -- The Indian rupee extended its losses on Monday and settled at a record closing low of 96.35 against the US dollar, weighed down by rising crude oil prices, persistent geopolitical tensions, and continued strength in the US currency.
Forex market participants said investor sentiment remained cautious amid ongoing tensions between the US and Iran, which have kept global markets under pressure.
Traders also noted that higher crude oil prices are increasing dollar outflows from emerging economies like India, adding to the pressure already created by foreign portfolio investor (FPI) outflows.
Published by HT Digital Content Services with permission from Dion Global Solutions Limited....