Brent crude was trading higher by 2.94% at $100.73 per barrel. File
| Photo Credit: Reuters
The rupee slumped by 34 paise to close at 95.08 (provisional) against the American currency on Wednesday (September 9, 2026) as crude prices crossed the $100 per barrel mark, stoking concerns over inflation and high forex outflows.
Weak equity markets and FII outflows also pressurised the rupee, forex traders said.
Brent crude futures surpassed $100 a barrel for the first time in almost six weeks after attacks on oil facilities and ships in West Asia threatened to weaken the already strained supply chain amid U.S.-Iran tensions. Brent crude was trading higher by 2.94% at $100.73 per barrel.
At the interbank foreign exchange market, the rupee opened at 94.80, also its intraday high, against the U.S. dollar. The local unit fell to an intraday low of 95.22 as crude oil prices surged. The rupee settled at 95.08 (provisional), down 34 paise from its previous close of 94.74.
Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading at 98.84, higher by 0.05%.
“The rupee declined today due to rising crude oil prices and risk aversion in global markets. Brent has breached the $100 mark following further escalation of tensions between the U.S. and Iran. FII outflows also pressured the rupee. However, the rupee recovered its initial losses due to a weak dollar,” said Anuj Choudhary, Research Analyst at Mirae Asset Sharekhan.
The local currency is expected to trade with a negative bias due to risk aversion in global markets and worries over rising crude oil prices. Escalation of geopolitical tensions between the U.S. and Iran may also pressurise the rupee, he added.
The U.S. military destroyed five Iranian oil tankers on Tuesday (September 8) in response to the latest attacks on its warships, and Iran hit back at American targets in Jordan.
On the domestic equities market front, Sensex tanked 813.35 points to settle at 74,764.23 while Nifty was down 203.60 points to 23,431.50.
Foreign institutional investors (FIIs) sold equities worth ₹123.19 crore on a net basis on Tuesday (September 8), according to exchange data.
Published – September 09, 2026 04:49 pm IST
