The rupee opened on a weaker note and fell 30 paise to 95.94 on Friday after hitting new lows over three straight sessions, as elevated crude oil prices, a strong dollar, and concerns over the West Asia crisis weighed on investor sentiment.
Forex traders said USD-INR is under pressure and hovering very close to the 96 mark as dollar buying continues amid upside in oil prices.
Moreover, the Summit between US President Trump and Chinese President Xi did not yield any fruitful results, particularly on the US-Iran front, denting investor sentiments further.
The USD/INR pair, which had slumped to 95.96 against the American currency on Thursday, recovered sharply after reports surfaced that India is considering a major cut in taxes paid by foreign investors on Indian bonds.
On Friday, the government hiked the petrol and diesel prices by Rs 3 per liter in the latest move to curb the demand of these fuels.
