Rupee slumps 38 paise to close at 95.92 against US dollar

The rupee fell 38 paise to close at 95.92 against the US dollar on Tuesday. Escalating Middle East conflict and soaring Brent crude oil prices weighed on the currency. Surging dollar demand from oil importers raised inflation and trade balance concerns. Domestic markets weakened, while global treasury yields and a strong dollar dented sentiment. India's forex reserves, however, reached a record high of USD 785.706 billion.