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The rupee fall against the dollar is because of many factors; one major reason is FII outflows from Indian equities, as foreign investors move funds to safer assets amid global uncertainty. When foreign investors pull money out of Indian markets, the demand for dollars rises, putting pressure on the rupee.
FX shock hit Indian banks with a ₹4,800 crore trading loss, followed by a sharp recovery. With the rupee near ₹96, fresh treasury risks are back.