Rupee witnesses steepest single-day loss since mid-July

The rupee declined for a third straight session on Thursday as it weakened 0.3% to ₹95.44 per dollar. This was the steepest single-day loss in its value since mid-July, Reuters reported. The fall is attributed to surging oil prices due to escalating conflict in the Middle East and heightened dollar demand linked to derivative maturities and corporate hedging.