Rupee sinks to all-time low of 96.47 vs USD on mounting external finance pressures, rising US yields

The Indian rupee reached a historic low on Tuesday. Stubbornly high crude oil prices and weaker Asian currencies pressured the rupee. Higher US yields added to the decline. State-run banks sold dollars, suggesting possible central bank intervention. The rupee slipped to 96.47 against the US dollar, surpassing its previous low.