The rupee continued its losing streak on Tuesday and slipped to a record low of 95.63 against the US dollar in early trade as it remained under pressure from rising oil prices, rising geopolitical tensions and weak investor sentiment.The fall followed an already weak session on Monday, when the rupee fell 82 paise to close at 95.31. Sentiment worsened as conflict in the Middle East continued to escalate, with US President Donald Trump saying the ceasefire was “hanging on life support”. At the same time, pressure continues in the Strait of Hormuz, with the disruption now lasting more than 70 days, sending oil prices soaring. Brent crude futures were up 30 cents, or 0.29%, at $104.51 a barrel, while U.S. West Texas Intermediate rose 31 cents, or 0.32%, at $98.38 at 0002 GMT. Both benchmarks were already up about 2.8% in the previous session on Monday. Dalal Street reflected weak sentiments with benchmark Sensex and Nifty50 opening in the red. While NSE Nifty 50 fell 174 points to 23,641.20, BSE Sensex fell 645.07 points to 75,370.21 by 9:35 am.Adding to the pressure, Prime Minister Narendra Modi’s appeal on Sunday to citizens to reduce gold purchases, fuel consumption and foreign travel to conserve foreign exchange reserves also weighed on currency market sentiment.The rupee opened at 94.97 at the interbank foreign exchange market on Monday and moved between 94.87 and 95.34 during the session before closing at 95.31 (provisional) compared with 94.49 on Friday.Forex traders said the rupee weakened due to the strong US dollar and continued foreign capital outflows. India’s foreign exchange reserves also came under pressure, falling by $7.794 billion to $690.693 billion in the week ended May 1, according to data released by the Reserve Bank of India. In the last week ending April 24, the reserves had declined by $ 4.82 billion to $ 698.487 billion.Market participants said the rupee continued to remain under pressure due to global geopolitical uncertainty, rising crude oil prices, strong dollar and persistent foreign fund outflows.