On Wednesday, the Indian rupee plunged to a new lifetime low of 95.80 per dollar, marking the third consecutive day of declines. This drop is primarily attributed to rising crude oil prices, which are currently trading at $107.58 per barrel, leading to increased demand for dollars. The rupee had previously closed at 95.62/$ and opened at 95.61/$. Despite the Indian government's recent move to raise import taxes on gold and silver to curb private buying, the rupee's depreciation continues unabated, having weakened by 2.7% in the fiscal year 2027. Traders noted that the Reserve Bank of India (RBI) likely intervened by selling dollars at rates of 95.75/$ and 95.65/$ to mitigate further declines. Analysts predict the rupee will fluctuate between 95.25/$ and 96/$ in the coming days. The ongoing risk-off sentiment and high crude prices suggest that a stabilization of the rupee is contingent upon a drop in oil prices below the $100 mark, as noted by Radhika Rao, a senior economist at DBS Bank.