The rupee weakened by 30 paise to close at 86.34 against the US dollar on Tuesday, pressured by a sharp rise in global crude oil prices and growing geopolitical uncertainty in the Middle East. A stronger greenback and muted domestic equity markets further weighed on the local unit.At the interbank foreign exchange market, the rupee opened at 85.96 and moved in a range between 85.89 and 86.34 before settling at the day’s low. The currency had ended at 86.04 on Monday.“As the rupee closes below 86.20, we can expect it to fall to 86.70 levels before any recovery,” said Anil Kumar Bhansali, Head of Treasury and Executive Director at Finrex Treasury Advisors LLP, quoted PTI.“Dollar selling has been restricted for now with the war and is taking a toll on risk, and the greenback is getting bought as the tariff issue becomes secondary. Trump also said pharma tariffs will be coming soon, spooking pharma stocks of India and FPIs selling continuously,” he added.Bhansali noted that multiple global stress factors are dampening sentiment. “Conflicts in Europe and the Middle East have intensified. The US has an unsustainable debt while there is unrest due to the deportation of illegal immigrants in the US. All negative factors have been helpful in keeping risk assets away, taking the rupee lower as it closed at 86.24,” he said. He expects the rupee to remain in the 85.80–86.50 range on Wednesday.Brent crude futures, the global oil benchmark, jumped 1.60% to $74.40 per barrel in Tuesday’s trade, continuing their upward trajectory amid intensifying Israel-Iran tensions.Domestic equities also closed lower. The 30-share BSE Sensex dropped 212.85 points to 81,583.30, and the NSE Nifty fell 93.10 points to end at 24,853.40.The dollar index, which tracks the US currency against a basket of six peers, rose 0.20% to 98.19, adding to the rupee’s downside pressure.On the macro front, the country’s unemployment rate rose to 5.6% in May from 5.1% in April, largely due to seasonal factors, according to data released by the Ministry of Statistics & Programme Implementation.Despite the bearish cues, foreign institutional investors (FIIs) were net buyers on Tuesday, purchasing equities worth Rs 1,482.77 crore, according to exchange data.