The rupee depreciated 32 paise to an all-time low of 95.20 against the U.S. dollar in early trade on Thursday (April 30, 2026), weighed down by elevated Brent crude oil prices, hovering around $122 per barrel, and strong American currency.

Forex traders said the USD/INR pair may see further downside, as rising crude oil prices are likely to sharply impact India’s import costs, while concerns over potential wider conflict in West Asia are fuelling investor anxiety.

Meanwhile, the U.S. dollar added to gains after the US FED Reserve kept rates unchanged. Safe-haven demand was also boosted by another diplomatic setback between Washington and Tehran.

At the interbank foreign exchange market, the rupee opened at 95.01 against the U.S. dollar, then lost some ground and touched an all-time low of 95.20 against the U.S. dollar in initial trade, registering a fall of 32 paise over its previous close.

On Wednesday (April 29), the rupee depreciated 20 paise to close at an all-time low of 94.88 against the U.S. dollar.

“The main effect on the rupee has been from the rising oil prices, which touched $120 per barrel and looked headed for further upside as the U.S. continues with its blockade of Iranian ports, while Iran does not allow any ship/tanker to pass through the Strait of Hormuz,” said Anil Kumar Bhansali, Head of Treasury and Executive Director Finrex Treasury Advisors LLP.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading 0.01% higher at 98.96.

Brent crude, the global oil benchmark, was trading higher by 3.16% at $121.76 per barrel in futures trade.

On the domestic equity market front, Sensex tumbled 821.79 points to 76,674.57 in early trade, while the Nifty dived 287.3 points to 23,890.35.

Foreign Institutional Investors offloaded equities worth ₹2,468.42 crore on Wednesday, according to exchange data.

The rupee traded almost flat at 88.78 in the early session on Friday (October 10, 2025), hovering near all-time lows against the U.S. dollar due to a stronger greenback in the overseas markets.

Forex traders said the rupee is expected to trade in a narrow range with a chance of breaking the all-time closing low level of 88.80 in the absence of RBI intervention.

At the interbank foreign exchange market, the rupee opened lower at 88.80 but soon recovered to touch 88.78 against the U.S. dollar, registering a gain of 1 paise from its previous close. On Thursday, the rupee closed at 88.79 against the greenback.

Traders said a strong U.S. dollar and importer demand weighed on the rupee. However, strength in the domestic markets and overnight decline in crude oil prices cushioned the downside.

“The RBI is expected to keep a close tab on the rupee with its watchful eyes in ensuring that for the present it does not cross 88.80,” said Anil Kumar Bhansali Head of Treasury and Executive Director Finrex Treasury Advisors LLP.

Meanwhile, the safe-haven demand for dollars continues keeping the dollar well bid, he noted.

The dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading 0.22% lower at 99.32.

Brent crude, the global oil benchmark, was trading lower by 0.18% at $65.10 per barrel in futures trading.

On the domestic equity market front, the benchmark sensitive index Sensex advanced 188.07 points to 82,360.17 in early trade, while the Nifty climbed 50.65 points to 25,232.45.

Meanwhile, Foreign Institutional Investors bought equities worth ₹1,308.16 crore on Thursday, according to exchange data.