The rupee depreciated 25 paise to close at 94.47 (provisional) against the U.S. dollar on Friday (May 8, 2026), after rising in the past two sessions, on renewed tensions between the U.S. and Iran over the Strait of Hormuz.

Forex traders said investor sentiments were affected after Iran accused the U.S. of violating the ceasefire as the U.S. carried out fresh attacks in the Strait of Hormuz and civilian areas, while President Donald Trump said the ceasefire was still in effect.

Also Read |Iran-Israel war updates

Brent oil prices, which had fallen to $98 per barrel amid the U.S.-Iran peace deal, edged higher to around $100 per barrel as investors weighed the prospects for a West Asia peace deal.

At the interbank foreign exchange market, the rupee opened at 94.58 against the U.S. dollar, then lost momentum and touched 94.68 against the American currency, registering a fall of 46 paise over its previous close.

At the end of closing on Friday (May 8), the rupee was quoted at 94.47 (provisional), down 25 paise over its previous close.

On Thursday, the rupee pared initial losses and settled the day on a positive note, up 27 paise at 94.22 against the greenback. Forex traders said risk aversion in global markets and weak domestic equities also weighed on the rupee.

“We expect the rupee to trade with a slight negative bias amid renewed geopolitical tensions in the West Asia war. Recovery in crude oil prices and weak global markets may also pressurise the rupee.

“FII outflows may further drag the rupee lower. However, we do not expect any major aggression. Traders may also take cues from U.S. non-farm payrolls data. USD-INR spot price is expected to trade in a range of 94.10 to 94.90,” Anuj Choudhary, Research analyst at Mirae Asset ShareKhan.

On Friday (May 8), the United Arab Emirates responded to a missile and drone attack hours after the U.S. said it thwarted attacks on three Navy ships in the Strait of Hormuz.

Iranian state media said the country’s forces exchanged fire with “the enemy” on Qeshm Island in the Strait of Hormuz. It also reported loud noises and continuous defensive fire in western Tehran late Thursday night (April 8).

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading at 97.91, down 0.15%. Brent crude, the global oil benchmark, was trading lower by 0.25% at $99.81 per barrel in futures trade.

On the domestic equity market front, Sensex fell 516.33 points to settle at 77,328.19, while the Nifty dropped 150.50 points to 24,176.15. Foreign Institutional Investors offloaded equities worth ₹340.89 crore on Thursday (May 7), according to exchange data.

Rupee fell 39 paise to close at an all-time low of 95.23 (provisional) against the U.S. dollar on Monday (May 4, 2026), as the ongoing West Asia tensions are causing volatility in global markets, keeping oil prices high and raising fears of inflation and economic slowdown.

Forex traders said Brent oil, hovering near $110 per barrel, is maintaining pressure on oil-importing economies like India. Moreover, unabated foreign capital outflows amid rising geopolitical uncertainties further dented investor sentiment.

At the interbank foreign exchange market, the rupee opened at 94.95 against the U.S. dollar, then lost ground and finally settled for the day at 95.23 (provisional), registering a fall of 39 paise over its previous close.

On Thursday (April 30), the rupee had settled at 94.84 against the American currency. Stock exchanges and currency markets were closed on Friday (May 1) on account of Maharashtra Day.

“The Indian rupee has hit a record low as the dollar recovered and crude oil prices held firm. This ongoing surge in oil prices, combined with foreign fund outflows, is putting a visible strain on India’s trade balance and broader economy.

“Persistent dollar demand is expected to keep the pressure on the rupee in the short term, driving the USD/INR higher toward the 95.35 and 95.70 levels,” said Dilip Parmar, Senior Research Analyst, HDFC Securities.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading at 98.26, up 0.11%. Brent crude, the global oil benchmark, was trading higher by 1.37% at $109.65 per barrel in futures trade.

Investors’ focus was on counting of votes for the West Bengal State elections, IFA Global said in a research note, adding, “a BJP victory would be positive for domestic assets. However, the impact is likely to be short-lived as global geopolitics will continue to be the driving factor given direct impact on supply chains and industry.” On the domestic equity market front, Sensex rallied 355.90 points to settle at 77,269.40, while Nifty climbed 121.75 points to 24,119.30.

Foreign Institutional Investors offloaded equities worth ₹8,047.86 crore on Thursday (April 30), according to exchange data.

Meanwhile, Expenditure Secretary V. Vualnam on Friday (May 1) said the upcoming few quarters and the coming year would possibly have a “lot of stress points”.

“The fiscal stress is indeed very much a reality, but at the same time. The capex would really be a priority item, which we would like to preserve and ensure that it continues at the budgeted level,” Mr. Vualnam said at the ICPP Growth Conference organised by the Ashoka University.

The rupee depreciated 21 paise to 88.40 against the U.S. dollar in early trade on Tuesday (October 28, 2025), weighed down by month-end dollar demand from importers and a surge in global crude oil prices.

Forex traders said investors are keeping a watch on the Federal Reserve’s policy decision on Wednesday (October 29, 2025) for further cues. Markets are assigning a 97.8% probability to a 25-basis-point rate cut, with another one expected in December, they said.

At the interbank foreign exchange market, the rupee opened at 88.34, and slipped to 88.40 against the greenback, registering a fall of 21 paise from its previous close.

On Monday (October 27, 2025), the rupee plunged 36 paise to close at 88.19 against the U.S. dollar.

“For now, the market seems to be balancing between short-term pressure and medium-term optimism. The rupee is expected to find strong resistance near 88.40, while support lies around 87.60–87.70. A break below that zone could open the door for a move toward 87.20,” CR Forex Advisors MD – Amit Pabari said.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, fell 0.12% to 98.66.

Brent crude, the global oil benchmark, rose 0.02% to $65.63 per barrel in futures trading.

On the domestic equity markets front, Sensex climbed 125.93 points to 84,904.77 in early trade, while Nifty was up 39.8 points to 26,005.85.

Foreign Institutional Investors sold equities worth ₹55.58 crore on Monday (October 27, 2025), according to exchange data.

Meanwhile, India’s crude oil imports from the United States climbed to their highest level since 2022 in October, a move seen as part of New Delhi’s effort to diversify supplies away from Russia and ease trade tensions with the Trump administration.

India’s crude imports from the U.S. reached 540,000 barrels per day as of October 27 – the highest since 2022, according to data from Kpler.

October is likely to close with near 575,000 bpd, and November looks to book around 400,000-450,000 bpd, per U.S. export data – a sharp jump from the year-to-date average of around 300,000 bpd.

Benchmark equity indices Sensex and Nifty began the trade on an optimistic note on Wednesday (July 30, 2025) amid heavy buying in infrastructure major Larsen and Toubro.

The 30-share BSE Sensex climbed 256.57 points to 81,594.52 in opening trade. The 50-share NSE Nifty went up by 69.3 points to 24,890.40.

From the Sensex firms, Larsen and Toubro jumped over 4% after the infrastructure major reported a 29.8% rise in consolidated net profit at ₹3,617.19 crore during the June quarter, driven by strong overseas order growth.

Bharti Airtel, Asian Paints, NTPC and Bajaj Finserv were also among the gainers.

However, Tata Motors, Hindustan Unilever, Eternal and Infosys were among the laggards.

Foreign Institutional Investors (FIIs) offloaded equities worth ₹4,636.60 crore on Tuesday (July 29, 2025), according to exchange data.

In Asian markets, Japan’s Nikkei 225 index and Hong Kong’s Hang Seng traded lower while South Korea’s Kospi and Shanghai’s SSE Composite index quoted in positive territory.

The U.S. markets ended lower on Tuesday (July 29, 2025).

U.S. President Donald Trump has said the trade deal with India is not finalised, as he stressed that India imposes more tariffs than almost any other country.

Mr. Trump spoke to reporters on Tuesday (July 29, 2025) on Air Force One on his way back to Washington from Scotland and was asked about the trade deal with India.

“No, it’s not,” Mr. Trump said when asked if the deal with India is finalised.

He was also asked about reports that India is preparing to face higher U.S. tariffs between 20-25%, to which he replied, “I think so.”

“The technical bounce back in Nifty by 140 points yesterday is unlikely to continue in the unfavourable near-term market scenario. Such bounce backs happen in an oversold market.

“The major drag on the market continues to be the negative news on the India-US trade front. President Trump’s comment that “India may have to pay 20-25 per cent tariff” is very negative from the short-term market perspective,” V.K. Vijayakumar, Chief Investment Strategist, Geojit Investments Limited, said.

Sustained FII selling in the cash market for the seventh consecutive trading day is another headwind for the market, Vijayakumar said adding that spike in Brent crude to $72 is another negative.

Global oil benchmark Brent crude dipped 0.01% to $72.50 a barrel.

On Tuesday (July 28, 2025), the Sensex jumped 446.93 points or 0.55% to settle at 81,337.95. The Nifty climbed 140.20 points or 0.57% to 24,821.10.

Equity benchmark indices Sensex and Nifty tumbled in early trade on Friday (July 25, 2025) dragged down by Bajaj Finance and persistent foreign fund outflows.

A weak trend in Asian markets also dented investors’ sentiment.

The 30-share BSE Sensex dropped 407.45 points to 81,776.72 in early trade. The 50-share NSE Nifty declined 144.3 points to 24,917.80.

From the Sensex firms, Bajaj Finance tanked nearly 6% post its June quarter earnings announcement. Bajaj Finserv fell by over 4 per cent.

Tata Steel, Hindustan Unilever, Mahindra & Mahindra, UltraTech Cement, Power Grid and Maruti were also among the laggards.

However, Eternal, ICICI Bank, HCL Tech and State Bank of India were the gainers.

Foreign Institutional Investors (FIIs) offloaded equities worth ₹2,133.69 crore on Thursday (July 24, 2025), according to exchange data. However, Domestic Institutional Investors (DIIs) bought stocks worth ₹2,617.14 crore.

“The near-term market construct has turned weak. Sustained FII selling of ₹11,572 crore in the last four trading days will weigh on the market,” VK Vijayakumar, Chief Investment Strategist, Geojit Investments Limited, said.

In Asian markets, Japan’s Nikkei 225 index, Shanghai’s SSE Composite index and Hong Kong’s Hang Seng quoted lower while South Korea’s Kospi traded in positive territory.

The U.S. markets ended on a mixed note on Thursday (July 24, 2025).

India and the U.K. signed a landmark free trade agreement on Thursday (July 24, 2025), which, starting next year, will see 99 per cent of Indian exports enter the U.K. duty-free, while reducing tariffs on British products such as cars and whisky.

The deal, which comes days ahead of the U.S. moratorium on higher tariffs coming to an end, aims to double the USD 56 billion trade between the world’s fifth and sixth largest economies by 2030.

“The India-UK FTA, which is India’s first comprehensive trade agreement with a major developed country, has two implications from the market perspective. One, this FTA will significantly boost trade between both countries, which will be seen as a positive by the market. Two, this FTA along with many other FTAs signed by India with other countries, projects India as a nation committed to free trade. The fact that this FTA has come during a time of tariff wars is commendable, and hopefully this will improve India’s chances of striking a fair-trade deal with the U.S.,” Vijayakumar added.

Sectors like textiles, leather, food processing, automobiles, pharmaceuticals and gems and jewellery, which are expected to benefit from the FTA, will be on the market radar, he said.

Global oil benchmark Brent crude climbed 0.39% to $69.45 a barrel.

On Thursday, the Sensex tanked 542.47 points or 0.66% to settle at 82,184.17. The Nifty dropped 157.80 points or 0.63% to 25,062.10.