On Monday, the Indian rupee depreciated by nearly 0.2%, closing at a record low of 95.09 against the US dollar. This decline is primarily driven by an increase in crude oil prices and ongoing foreign fund outflows, which are straining India's trade balance. The rupee had previously settled at 94.92 per dollar on Thursday. Year-to-date, the currency has depreciated by 5.48%, and by 0.29% in the current financial year. Analysts, including Dilip Parmar from HDFC Securities, suggest that persistent dollar demand will continue to pressure the rupee, potentially pushing it towards levels of 95.35 and 95.70. Furthermore, speculation arises that the Reserve Bank of India (RBI) may consider implementing a scheme akin to the Foreign Currency Non-Resident (FCNR) deposit initiative from 2013, which successfully mobilized around $38 billion over three years. Such measures could help stabilize the rupee by increasing foreign currency inflows, crucial for its recovery.