On Wednesday, the Indian rupee fell to a record closing low of 94.8450 against the US dollar, marking a 0.3% decline for the day. This drop is largely attributed to rising oil prices, with Brent crude surging over 3% to nearly $115 per barrel, which is affecting other oil-sensitive currencies in Asia as well. The ongoing foreign selling of Indian assets has compounded the rupee's struggles, as central banks' supportive measures lose effectiveness. Traders noted that dollar sales by state-run banks, likely on behalf of the Reserve Bank of India (RBI), helped limit the rupee's losses. Analysts predict that the rupee will continue to face pressure unless oil prices stabilize, and a fall below 95 could prompt stronger intervention from the RBI, which had previously stepped in with dollar sales and regulatory measures. Global markets are also closely watching the U.S. Federal Reserve's upcoming policy decision, with expectations of stable benchmark rates but heightened scrutiny on the economic impact of the Iran conflict.