New Delhi, May 5 -- The Indian rupee fell to a record low on Tuesday, 5 May, following US-Iranian strikes in the Gulf that unsettled markets, diminishing hopes for a resolution and heightening concerns about the challenges facing the oil-importing economy.

The currency declined to 95.39 per dollar, dropping 0.3% for the day and surpassing its previous record low of 95.33, set the previous Thursday. The rupee started off 22 paise lower at 95.31 against the US dollar.

According to reports, Asian currencies sensitive to oil, including the Indonesian rupiah and Philippine peso, declined on Tuesday amid Gulf tensions that challenged a delicate ceasefire and sparked investor anxiety.

Experts believe that a prolonged conflict in the Middle Ea...