The Indian rupee opened lower on Wednesday, declining 11 paise to reach 96.36 against the US dollar. This downward movement in the domestic currency follows a period of increased volatility in global financial markets.
The depreciation is primarily attributed to rising crude oil prices and heightened geopolitical tensions between the United States and Iran. These factors have spurred an increased demand for safe-haven assets, placing further pressure on the rupee. In response to the currency's decline, the Reserve Bank of India has implemented measures intended to provide market stability and cushion the impact of these external economic pressures.
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