MUSCAT : The rupee opened at 93.95 and touched an intraday high of 93.98, remaining in a narrow, range-bound pattern as it fluctuates between key support and resistance levels. Market watchers say a move toward 94 would mark a significant psychological threshold.

Madhusoodanan R, Executive Advisor to the Board at Global Money Exchange, said volatility in the rupee is expected to persist due to the ongoing energy crisis and continued foreign fund outflows from the Indian market, both of which are adding pressure on the currency.

He noted that rising oil prices are a key driver, increasing inflationary pressures in India, while higher insurance premiums for shipping have disrupted exports due to delays, further weighing on the currency.

Despite some signs of geopolitical de-escalation, he cautioned that underlying tensions and related economic impacts are likely to continue for some time.

Analysts say the rupee is unlikely to return to the 90 level in the near term, as external pressures remain firmly in place.

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