The rupee depreciated 45 paise to 94.67 against the U.S. dollar in early trade on Friday (May 8, 2026), as Brent crude prices rose back to $101.00 per barrel after U.S. and Iranian forces exchanged fire near 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 retaliatory strikes with new attacks, which took place in the Strait of Hormuz and civilian areas, while President Donald Trump said the ceasefire was still in effect.

Brent oil prices, which had fallen to $98 per barrel amid the U.S.-Iran peace deal, edged higher to $101 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 94.67 against the American currency, registering a fall of 45 paise over its previous close.

On Thursday (May 7, 2026), the rupee pared initial losses and settled the day on a positive note, up 27 paise at 94.22 against the greenback.

“Brent oil prices moved higher by more than 2% in Asian trade on Friday (May 8, 2026) after U.S. and Iranian forces exchanged fire near the Strait of Hormuz despite President Trump insisting that the month-old ceasefire remained in effect,” said Anil Kumar Bhansali, Head of Treasury and Executive Director Finrex Treasury Advisors LLP.

Mr. Bhansali further added that the rise in oil prices took USD/INR higher towards 94.43 this morning in Asian trading, and the dollar index also moved higher towards 98.22 while Asian currencies were a tad weaker.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading at 98.20, up 0.14%.

Brent crude, the global oil benchmark, was trading higher by 1.08% at $101.14 per barrel in futures trade.

Foreign Institutional Investors offloaded equities worth ₹340.89 crore on Thursday (May 7, 2026), 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 11 paise to 94.95 against the U.S. dollar in early trade on Monday (May 4, 2026) as the ongoing tensions in West Asia continue to keep markets on edge.

Forex traders said Brent oil is hovering near $108, maintaining pressure on oil-importing economies like India.

Moreover, factors such as unabated foreign capital outflows amid rising geopolitical uncertainties dented investor sentiments further.

At the interbank foreign exchange market, the rupee touched 94.95 against the U.S. dollar in initial trade, registering a fall of 11 paise over its previous close.

On Thursday (April 30, 2026), the rupee had settled at 94.84 against the American currency.

Stock exchanges and currency markets were closed on Friday (May 1, 2026) on account of Maharashtra Day.

“The ongoing tensions in West Asia continue to keep markets on edge. On one side, U.S. President Donald Trump hinted that Tehran’s peace proposal may not be enough, keeping uncertainty alive. That’s one reason why Brent crude is hovering near $108, maintaining pressure on oil-importing economies like India,” said CR Forex Advisors MD Amit Pabari.

On the other hand, the U.S. has indicated it may help guide neutral ships through the Strait of Hormuz, a move that could ease supply concerns slightly. So markets are stuck between fear and hope, and that confusion is reflected in currencies, Mr. Pabari added.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading at 98.19, up 0.03%.

Brent crude, the global oil benchmark, was trading higher by 0.34% at $108.54 per barrel in futures trade.

Meanwhile, market participants are awaiting the election results in five states and one Union Territory in India.

“Currency markets usually don’t react sharply to state elections like the one in West Bengal. However, they do respond to sentiment, and even a slight shift in investor confidence or political stability can have a marginal but noticeable impact on the rupee,” Mr. Pabari added.

On the domestic equity market front, the 30-share benchmark index Sensex jumped 657.80 points to 77,571.30 in early trade, and the Nifty climbed 213.35 points to 24,215.10.

Foreign Institutional Investors offloaded equities worth ₹8,047.86 crore on Thursday (April 30, 2026), according to exchange data.

Meanwhile, Expenditure Secretary V Vualnam on Friday (May 1, 2026) 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 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.

The rupee depreciated 13 paise to 94.81 against the U.S. dollar in early trade on Wednesday (April 29, 2026), as rising global oil prices kept the currency under pressure.

Forex traders said elevated crude oil prices and month-end dollar demand amid a broader shift toward safe-haven assets dented investor sentiment.

The focus has now shifted to the upcoming U.S. Federal Reserve policy decision. While rates are expected to remain unchanged, the tone will carry more weight than the action, they said.

At the interbank foreign exchange market, the rupee opened at 94.79 against the U.S. dollar, then lost some ground and touched 94.81 against the U.S. dollar in initial trade, registering a fall of 13 paise over its previous close.

On Tuesday (April 28, 2026), the rupee depreciated 53 paise to close at 94.68 against the U.S. dollar.

“The oil is above $111 with no resolution to the U.S.-Iran crisis, although the unilateral ceasefire of the U.S. continues and Iran also showing resilience, but the non-passage of ships from the Strait of Hormuz is a matter of concern, keeping oil and the dollar up,” 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 0.04% higher at 98.67.

“The dollar was steady before the FED decision in the face of the ongoing Iran-U.S. war. Broadly, the dollar Index is range-bound with war-related uncertainty supporting the safe-haven dollar,” Mr. Bhansali said.

Brent crude, the global oil benchmark, was trading lower by 0.21% at $111.03 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.

“The rupee is navigating through a phase where global uncertainty, oil prices, and capital flows are all pulling at once. For now, 93.50–93.80 remains a strong demand zone, where dips are likely to find support. On the upside, 94.50–94.80 continues to act as a resistance band,” said CR Forex Advisors MD Amit Pabari.

On the domestic equity market front, Sensex climbed 358.92 points to 77,245.83 in opening trade, while the Nifty was trading up 101.2 points to 24,096.90.

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, 206).

The factory output, measured in terms of the Index of Industrial Production (IIP), expanded by 3.9% in March 2025, an official statement said.

The rupee depreciated 24 paise to 94.39 against the U.S. dollar in early trade on Tuesday (April 28, 2026), weighed down by elevated crude oil prices and month-end dollar demand amid a broader shift toward safe-haven assets.

Forex traders said Brent oil continued to move higher at $109 per barrel, keeping India’s position vulnerable.

Moreover, factors such as unabated foreign capital outflows amid rising geopolitical uncertainties dented investor sentiments further.

At the interbank foreign exchange market, the rupee opened at 94.35 against the U.S. dollar, then lost some ground and touched 94.39 against the U.S. dollar in initial trade, registering a fall of 24 paise over its previous close.

On Monday (April 28, 2026), the rupee had settled at 94.15 against the American currency.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading at 98.49.

Brent crude, the global oil benchmark, was trading higher by 0.99 per cent at $109.30 per barrel in futures trade.

“The Indian rupee seems to be standing at a crossroads, not weak enough to fall, not strong enough to rise”, said CR Forex Advisors MD Amit Pabari.

Meanwhile, Goldman Sachs has raised its oil price forecast to $94.39 per barrel, while trimming India’s 2026 growth forecast to 5.9%.

“When growth expectations soften at the same time, it reduces the cushion the currency usually enjoys,” Mr. Pabari added.

According to Anil Kumar Bhansali, Head of Treasury and Executive Director Finrex Treasury Advisors LLP, rising crude oil prices are keeping India’s position vulnerable.

“We have come to the end of the month, and the month-end demand could keep USD higher in the coming two days,” Mr. Bhansali added.

On the domestic equity market front, the 30-share benchmark index Sensex was trading 68.28 points or 0.09% lower at 77,235.35, while the broader Nifty was trading up 14.25 points or 0.06% at 24,029.25.

Foreign Institutional Investors offloaded equities worth ₹1,151.48 crore on Monday (April 27, 2026), according to exchange data.

The rupee appreciated 28 paise to 87.81 against the U.S. dollar in early trade on Wednesday (September 17, 2025), tracking the broad decline in the greenback amid hopes of a U.S. Fed rate cut.

Forex traders said investors are closely following the FED Reserve’s policy meeting as dollar softness globally is triggering rupee strength. The market is expecting a 25-bps rate cut, and investors will watch out for the Fed Chair’s speech for further guidance.

At the interbank foreign exchange market, the rupee opened at 87.84 against the U.S. dollar, then touched 87.81, registering a gain of 28 paise from its previous close.

On Tuesday (September 16, 2025), the rupee appreciated 7 paise to close at 88.09 against the U.S. dollar.

“The USD/INR pair is expected to remain volatile on Wednesday (September 17, 2025), supported by a softer dollar and RBI stance, but downward risks for the rupee persist over the medium term due to persistent external pressures and policy uncertainty,” said Anil Kumar Bhansali, Head of Treasury and Executive Director Finrex Treasury Advisors LLP.

Investors may remain cautious ahead of the Federal Open Market Committee (FOMC) meeting decision this week. A dovish commentary may lead to further decline in the greenback while a hawkish tone may lead to a pullback,” he said.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading at 96.73, higher by 0.11%.

Brent crude, the global oil benchmark, was trading 0.20% lower at $68.33 per barrel in futures trade.

“The weak-dollar environment, fuelled by expectations of a 25-basis-point Fed rate cut, has given the rupee some breathing room.

“Near-term, the rupee is likely to face resistance around 88.20. Optimism from ongoing U.S.-India trade talks provides additional support, while a decisive break below 87.90 could open the way toward 87.50 and, if momentum continues, 87.20,” CR Forex Advisors MD Amit Pabari said.

On the domestic equity market front, Sensex rallied 262.74 points to 82,643.43 in early trade, while Nifty climbed 85.25 points to 25,324.35.

Foreign Institutional Investors bought equities worth ₹308.32 crore on a net basis on Tuesday (September 16, 2025), according to exchange data.

Meanwhile, the U.S. on Tuesday (September 16, 2025) described as “positive” the talks between its chief trade negotiator, Brendan Lynch, and his Indian counterpart Rajesh Agrawal for a proposed bilateral trade deal.

The relations between New Delhi and Washington were reeling under severe stress after U.S. President Donald Trump doubled tariffs on Indian goods to a whopping 50%, including 25% additional duties, for India’s purchase of Russian crude oil.