The Indian rupee dropped to 94.24 against the US dollar on Friday, mainly because global crude oil prices jumped to $95 a barrel from around $92.
The rupee moved between 94.28 and 94.03 during the day, with experts keeping an eye on the 94.30 mark; if it goes higher, more weakness could follow.
Dilip Parmar says rupee under pressure
Dilip Parmar, currency research analyst, HDFC Securities, pointed out that high inflation and pricier oil are weighing down the rupee, but there's still a chance for recovery if it stays below 94.30.
Meanwhile, foreign investors are still putting money into Indian stocks, which is helping balance things out a bit despite all the pressure on the currency.