Rupee slides to record low of 95.43 against USD

Mumbai: The ‌Indian rupee slid to a record low on Tuesday as a fragile ​truce in the Middle East came under strain after the U.S. ⁠and Iran launched new attacks to wrestle for control of the Strait of Hormuz, a key artery for global energy supplies. The currency weakened to 95.4325 per dollar, down as much as 0.4% ‌on the day and eclipsing its previous all-time low of 95.33 hit last Thursday. It pared losses to end the session at 95.28.

State-run banks ‌were spotted offering dollars near the rupee’s record low, which traders said ‌were ⁠most likely on behalf of the Reserve Bank of India and intended ⁠to prevent the currency from falling to the key psychological level of 95.50.