The rupee on Thursday (April 30, 2026) hit a lifetime intraday low of 95.34 against the U.S. dollar before trading at 95.25 in the mid-session deals, tracking surging global crude oil prices and selling in domestic equities amid the West Asia crisis.

Meanwhile, the U.S. Fed kept rates unchanged amid strong inflation pressure triggered by high crude prices.

At the interbank foreign exchange market, the rupee opened at 95.01 against the dollar, then lost 46 paise to touch a record intraday low of 95.34. In the afternoon session, the domestic currency was trading 37 paise lower at 95.25.

On Wednesday (April 29, 2026), 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 slightly lower by 0.03% to 98.79.

Brent crude, the global oil benchmark, was trading 3.46% higher at $122.11 per barrel in futures trade.

On the domestic equity market front, Sensex tumbled 687.75 points to 76,808.61 points in afternoon trade, while the Nifty dived 228.60 points to 23,949.05.

Foreign Institutional Investors offloaded equities worth ₹2,468.42 crore on Wednesday (April 29, 2026), according to exchange data.

“FPIs continue with their sale of Indian Equities and debt [the yield touched 7% on Wednesday (April 29, 2026)] and are also dollar buyers consistently,” Mr. Bhansali added.

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 depreciated 41 paise to close at 94.56 (provisional) against the U.S. dollar on Tuesday (April 28, 2026), as elevated crude oil prices and unabated foreign capital outflows amid rising geopolitical uncertainties dented investor sentiments.

Forex traders said the rupee has already weakened quite sharply, factoring in the likely widening of the Current Account Deficit (CAD) and volatile capital flows. Moreover, persistent foreign fund outflows weighed on the rupee, as so far this year, FIIs have pulled out over $19 billion from Indian equities.

At the interbank foreign exchange market, the rupee opened at 94.35 against the U.S. dollar, then lost ground and touched an intraday low of 94.58 against the U.S. dollar, and finally settled for the day at 94.56 (provisional), registering a fall of 41 paise over its previous close.

On Monday (April 27, 2026), the rupee settled with a gain of just one paisa, closing at 94.15 against the U.S. dollar. “The primary pressure on the rupee stems from weak capital inflows. Net FDI inflows have been subdued, while FPI flows have been affected by elevated global uncertainty, relatively high equity valuations, and the absence of a strong AI investment narrative in India,” said Rajani Sinha, Chief Economist, CareEdge Ratings.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was up 0.245 at 98.73. Brent crude, the global oil benchmark, was trading higher by 2.62% at $111.07 per barrel in futures trade.

“There is a lot of uncertainty around the West Asia conflict. Even if the conflict eases in the near term, we expect crude oil prices to average around $85–90 per barrel in FY27. Under this baseline, the rupee is likely to remain in the 92–93 range on average in FY27,” Ms. Sinha added.

On the domestic equity market front, Sensex dropped 416.72 points to settle at 76,886.91, while the Nifty declined 97 points to 23,995.70. Foreign Institutional Investors offloaded equities worth ₹1,151.48 crore on Monday (April 27), according to exchange data.

“The rupee appears somewhat undervalued based on interest rate differentials and REER indicators. However, in a downside scenario where the conflict escalates and crude oil prices rise further, there would be further weakening pressure on the rupee,” Ms. Sinha said.