The Indian rupee weakened by 10 paise to close at a fresh record low of 92.40 (provisional) against the US dollar on Monday, pressured by rising crude oil prices and continued foreign fund outflows amid geopolitical uncertainties.
At the interbank foreign exchange market, the local currency opened at 92.44 and slipped to an all-time intraday low of 92.47 against the greenback during the session.
However, forex traders said the rupee avoided a sharper fall due to a recovery in domestic equity markets and hopes of the reopening of the Strait of Hormuz, which supported sentiment.
The rupee ended the session at 92.40 against the US dollar, down 10 paise from its previous close.