Goa, May 15 -- The Indian rupee slipped below the crucial 96-mark for the first time ever during intraday trade on Friday, weighed down by soaring crude oil prices, a strengthening US dollar and persistent foreign fund outflows.

The Indian rupee has weakened sharply against the US dollar over the last year, falling by nearly 11%, according to a report released by CareEdge Ratings. The report stated that almost half of this depreciation happened after geopolitical tensions intensified in West Asia, showing how international conflicts and global uncertainty continue to influence India's financial markets and economic stability.

In simple terms, a weaker rupee means Indians must spend more rupees to buy the same amount of dollars. If one U...