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Rupee Depreciates 0.2% to Open at 95.02 Against US Dollar Amid Surge in Crude Oil Prices, Hawkish US Fed
Rising crude prices and foreign equity selling pushed the rupee to a record low, while the Reserve Bank of India sold dollars to limit losses.
- On Thursday, the Indian rupee fell to a record low of 95.3 against the US dollar, driven by surging global oil prices and selling pressure in domestic equity markets.
- Global oil prices rose more than 7% Thursday following reports that United States President Donald Trump is planning an extended blockade of Iranian ports, keeping the Strait of Hormuz effectively closed.
- India imports 88% of its crude oil needs, compounding economic strain as global funds dumped nearly $20 billion in equities during the first four months of 2026, exceeding last year's record outflows.
- The RBI sold dollars on Thursday to defend the currency, though Gaura Sen Gupta, chief economist at IDFC First, warned that a negative forward book limits the central bank's intervention capacity.
- Analysts at IDFC First Bank Ltd. expect the rupee to weaken further into the 95-96 range, while Barclays Bank Plc forecasts a year-end level of 96.80 as external deficits persist.
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Rupee depreciates 0.2% to open at 95.02 against US dollar amid surge in crude oil prices, hawkish US Fed
The rupee fell 0.2% to 95.02 against the dollar due to Federal Reserve signals and rising oil prices. It faces its third weekly drop, influenced by increased import bills and capital outflows, with analysts noting the impact of both oil and monetary policy on the currency.
·New Delhi, India
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Total News Sources12
Leaning Left1Leaning Right4Center1Last UpdatedBias Distribution66% Right
Bias Distribution
- 66% of the sources lean Right
66% Right
L 17%
C 17%
R 66%
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