Rupee at record low: Currency falls to 96.70 against dollar after eighth straight session of losses

The Indian rupee hit a record low of 96.70 against the US dollar on Tuesday, extending its losing streak to eight sessions. Rising crude oil prices, foreign fund outflows, and a strong dollar due to global risk aversion are key factors. Forex traders also cited supply-chain disruptions. The Reserve Bank of India’s intervention and import restrictions might offer some support.