New Delhi, May 19 -- The Indian rupee has been caught in a freefall with no bottom in sight yet, as the global macro uncertainties and higher crude oil prices triggered by the US-Iran war continue to create challenges for India.

On Tuesday, the rupee touched a record low of 96.6150 against the US dollar. So far this year, the domestic unit has already lost 7% with the selloff gathering pace since March, which coincided with the West Asia crisis and crude oil shock.

Brent crude oil prices have remained over $100 per barrel for almost three months now. This is creating challenges for the country's current account deficit as India remains the world's third-largest importer and consumer of oil. Higher crude prices increase dollar demand fro...