The Indian rupee fell 16 paise to 96.13 against the US dollar in early trade on Monday, slipping past the key 96 level to a two-month low.

The currency opened at 96.03 and touched an intraday low of 96.1450, after closing at 95.97 in the previous session, as rising crude oil prices deepened pressure on the currency.

Brent crude was trading around $107 a barrel amid renewed concerns over US-Iran tensions and their impact on global oil supplies, a key worry for India, which imports most of its crude.

Foreign investors have pulled out about $3.7 billion from Indian markets in September, adding to the rupee’s weakness, while the dollar stayed firm globally.

Analysts said the rupee could test 96.50 in the coming sessions if oil prices stay elevated, with 95.50 acting as near-term support.

The rupee’s slide mirrors weakness in other Asian currencies, as a strong dollar and high oil prices weigh on the region’s importers. The Reserve Bank of India has in the past intervened in currency markets to curb sharp volatility.