On Wednesday, the Indian rupee fell to a record closing low of 94.85 per dollar, down from 94.54 per dollar the previous day. The decline is attributed to rising oil prices, which have surged to nearly $115 per barrel, significantly increasing India's import costs and inflation risks. This situation has led to persistent demand for dollars, putting additional pressure on the rupee. Jateen Trivedi, a currency research analyst at LKP Securities, noted that the rupee faces selling pressure even during rebounds, indicating a lack of support at stronger levels. The Reserve Bank of India (RBI) has intervened to prevent further depreciation, aiming to keep the rupee above the psychologically important 95 per dollar mark. Traders expect the rupee to remain volatile, with resistance levels at 94.40/$ and support at 95.25/$. Other oil-sensitive Asian currencies, such as the Philippine peso and Indonesian rupiah, also hit record lows due to the rising oil prices.