The rupee depreciated 56 paise to settle at 95.74 (provisional) against the American currency on Monday, pressured by elevated crude oil prices and the strength of the US dollar in the overseas market due to higher risk aversion amid escalating geopolitical tensions.

Forex traders said the USD/INR pair erased the previous trading session’s gains on risk aversion in global markets. Further, a sharp jump in crude oil prices and a rise in the US dollar index dented investor sentiment. At the interbank foreign exchange market, the rupee opened at 95.35, then touched an intraday high of 95.15 and finally ended the session at 95.74 (provisional), registering a loss of 56 paise from its previous close.

On Friday, the rupee appreciated 56 paise to close at 95.18 against the US dollar, after the Reserve Bank announced measures to support foreign capital inflows and strengthen forex liquidity. Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading at 100.16, up 0.09 per cent. Brent crude, the global oil benchmark, was trading higher by 3.94 per cent at USD 96.76 per barrel in futures trade after Iran launched multiple rounds of missiles toward Israel.