The Indian rupee weakened further to settle at a record low of 95.73 (provisional) against the US dollar on Thursday, pressured by a strong greenback and rising inflation concerns due to elevated energy prices.

Forex traders said the domestic currency is likely to remain under pressure amid persistent inflation worries and continued strength in the US dollar in overseas markets.

Concerns have also intensified due to the ongoing West Asia crisis and the blockade of the Strait of Hormuz, which have disrupted crude oil imports into India. The sharp surge in crude prices has further increased the country’s fuel import costs.