Declining trend: This is the rupee’s fall for the fourth consecutive session, its longest losing streak. File.
| Photo Credit: Reuters
Driven by high hedging dollar demand and a broader shift toward safe-haven assets, the Indian rupee on Thursday (April 23, 2026) weakened past the 94 level against the U.S. dollar.
As crude oil prices rose over $100 a barrel owing to uncertainties around the West Asia conflict, the rupee came under pressure and fell 23 paise to 94.01 against the dollar from its previous close of 93.78 in the spot market as reflected in the Clearing Corporation of India platform.
This is the rupee’s fall for the fourth consecutive session, its longest losing streak, analysts said.
Dilip Parmar, Senior Research Analyst, HDFC Securities, said, “Central bank interventions failed to arrest the slide as a simultaneous rally in crude oil and the U.S. dollar exerted additional downward pressure.”
“With excessive speculation in the currency markets curbed by the RBI’s actions, the rupee is likely to move in tandem with fundamentals. The fundamental factor behind rupee’s weakness is the rising current account deficit caused by high crude prices and the sustained FPI outflows from India,” said V.K. Vijayakumar, Chief Investment Strategist, Geojit Investments Ltd.
“So long as these factors remain the same, the rupee will remain weak and if the crude price rises again due to escalation of the conflict, the rupee will depreciate further,” he added.
“The low of ₹93.50 to the dollar reached on March 30 is unlikely to be reached in the near-term since currency speculation is under check. Rupee will move inversely in tune with crude prices. Currently depreciation stands the risk of getting aggravated if FPIs turn into big sellers,” he further said.
Jateen Trivedi, VP Research Analyst — Commodity and Currency, LKP Securities, said, “Uncertainty around U.S.–Iran talks and tensions in the Strait of Hormuz are further supporting crude, adding to inflation concerns and limiting rupee recovery. The dollar remains steady, which is also capping any upside in the rupee.”
The equity benchmark indices on Thursday fell about 1% owing to war-related worries.
The BSE Sensex fell 852 points, or 1.09%, to 77,664.
The NSE Nifty-50 index, too, fell 205 points or 0.84% to 24,173 points.
Published – April 23, 2026 04:25 pm IST
