Rupee depreciated 14 paise to close near its all-time low against the U.S. dollar. File
The rupee depreciated 14 paise to close near its all-time low at 94.82 (provisional) against the U.S. dollar on Wednesday (April 29, 2026), pressured by rising Brent crude oil prices, hovering around $115 per barrel, and continued foreign capital outflows.
Forex traders said the elevated crude oil price is likely to sharply impact India’s import costs, while the ongoing West Asia crisis and concerns over potential wider conflict are fuelling investor anxiety.
Also, analysts said that investors were awaiting cues from the upcoming U.S. Federal Reserve policy decision.
Moreover, heavy foreign institutional investor (FII) selling so far this year further dented investor sentiment.
At the interbank foreign exchange market, the rupee opened at 94.79 against the U.S. dollar, then lost ground and touched an intraday low of 94.86 against the U.S. dollar, and finally settled for the day at 94.82 (provisional), registering a fall of 14 paise over its previous close.
On Tuesday (April 28, 2026), the rupee depreciated by 53 paise to close at 94.68 against the U.S. dollar.
The rupee’s all-time low closing level of 94.85 versus the U.S. dollar was recorded on March 27 this year.
The rupee continued to trade weakly, as sustained FII outflows and elevated crude prices near $114 (Brent) kept pressure on the currency. Higher oil prices are significantly increasing India’s import bill and inflation risks, limiting any meaningful recovery in the rupee.
“The trend remains weak, with the currency consistently facing selling pressure on rebounds, indicating a lack of strong support at higher levels. In the near term, 94.40 is likely to act as resistance, while 95.25 remains the next key support, with the rupee expected to stay volatile and driven by crude and capital flows,” said Jateen Trivedi, VP research analyst – Commodity and Currency, LKP Securities.
Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was up 0.08% at 98.72.
Brent crude, the global oil benchmark, was trading higher by 3.13% at $114.74 per barrel in futures trade.
Meanwhile, the United Arab Emirates said on Tuesday (April 28, 2026) it will leave OPEC effective May 1, in a major blow to the global oil cartel.
On the domestic equity market front, Sensex jumped 609.45 points to settle at 77,496.36, while the Nifty climbed 181.95 points to 24,177.65.
Foreign Institutional Investors offloaded equities worth ₹2,103.74 crore on Tuesday (April 28, 2026), according to exchange data.
Meanwhile, India’s industrial production growth decelerated to a five-month low of 4.1% in March on account of subdued manufacturing growth and almost flat expansion in the power sector amid the West Asia crisis, according to official data released on Tuesday (April 28, 2026).
The factory output, measured in terms of the Index of Industrial Production (IIP), expanded by 3.9% in March 2025, an official statement said.
Published – April 29, 2026 04:39 pm IST
