The rupee touched its lowest-ever intraday level of 95.80 against the U.S. dollar, weakening for the fourth consecutive session on Wednesday (May 13, 2026) due to elevated crude oil prices and fear of a prolonged global trade disruption amid the West Asia crisis.

According to forex analysts, in the backdrop of surging crude oil prices, the government’s move to raise import duties on gold and silver may not be enough to ease the overall demand for the safe-haven greenback.

Effective May 13, the government raised import tariffs on gold and silver to 15% from 6% to curb overseas purchases of the metals and ease pressure on the country’s forex reserves.

At the interbank foreign exchange market, the rupee logged a fall of 21 paise during the session, and it hit the day’s high of 95.51 against the greenback, even though it opened the session at 95.52, 16 paise higher than its previous day’s closing level.

In the past three sessions, the Indian currency has lost 96 paise since May 7, when it ended at 94.22 against the U.S. dollar.

Anuj Choudhary, Research analyst at Mirae Asset ShareKhan, said the rupee hit a fresh record low on rising crude oil prices and a surge in inflation.

“Stalemate between the U.S. and Iran on peace talks has led to risk aversion in global markets. A strong dollar and FII outflows too pressurised the rupee,” he said and projected the USD-INR spot price to trade “in a range of ₹95.45 to ₹96.15”.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading at 98.46, up 0.29%.

Brent crude, the global oil benchmark, was trading lower by 0.22% at $107.73 per barrel in futures trade.

On the domestic equity market front, the 30-share Sensex was trading 79.50 points higher at 74,638.74, while the Nifty was up 39.50 points to 23,419.05.

Foreign Institutional Investors offloaded equities worth ₹1,959.39 crore on Tuesday (May 12, 2026), according to exchange data.

On the domestic macroeconomic front, retail inflation inched up to 3.48% in April mainly due to higher prices of gold and silver jewellery as well as some kitchen items, according to government data released on Tuesday (May 12, 2026).

The Consumer Price Index (CPI)-based inflation, with base year 2024, was 3.40% in March, 3.21% in February, and 2.74% in January.

Government has ​raised import tariffs on gold and silver to 15% from 6%, government ‌orders said on Wednesday (May 13, 2026), as part of efforts to curb ​overseas purchases of the metals and ease pressure on ⁠the country’s foreign exchange reserves.

The higher duties could dampen demand in the world’s second-largest consumer of precious metals, although they may help narrow India’s trade ‌deficit and support the rupee, one of Asia’s worst-performing currencies.

However, industry officials warned higher import taxes could revive smuggling, ‌which had eased after India cut tariffs in mid-2024.

The government ‌has ⁠imposed a 10% basic customs duty and a ⁠5% Agriculture Infrastructure and Development Cess (AIDC) on gold and silver imports, taking the effective import tax to 15% from 6%.

“As expected, the government has raised duties to curb ​the current account deficit. However, ‌this could affect demand, as gold and silver prices were already elevated,” said Surendra Mehta, national secretary at the India Bullion and Jewellers Association.

Prime Minister Narendra Modi on Sunday (May 10, 2026) urged people to ‌avoid gold purchases for a year to help protect foreign ​exchange reserves. India meets almost all of its gold consumption through imports.

Gold demand, particularly for investment purposes, has ⁠risen amid a recent rally in prices and negative returns from equities over the past year.

Inflows into India’s gold exchange-traded funds (ETFs) surged ‌186% year-on-year in the March quarter to a record 20 metric tons, the World Gold Council said last month.

India has been trying to curb gold imports in recent weeks and began levying a 3% integrated goods and services tax (IGST) on gold and silver imports, prompting banks to halt imports for more than a month.

As ‌a result, April imports fell to a near 30-year low. Banks have ​since resumed imports after paying the 3% IGST, but imports are now likely to fall again following the ⁠increase in import duties, bullion dealers said.

“Grey markets are likely to become ⁠active, as the incentives to bring in gold illegally are high. At current price levels, smugglers could make significant profits,” ‌said a Mumbai-based bullion dealer at a private bank, who declined to be named as he was not authorised to ​speak to media.

The rupee appreciated by 23 paise to 94.95 against the U.S. dollar in early trade on Wednesday (May 6, 2026) as Brent crude prices retreated from their elevated level after U.S. President Donald Trump hinted at a possible deal with Iran.

Forex traders said oil prices fell to $108 per barrel, as signs of easing geopolitical tensions in West Asia offset the lingering supply concerns.

The rupee rebounded from low levels and gained 11 paise to trade at 90.12 against the U.S. dollar in early deals on Wednesday (January 14, 2026), tracking lower crude oil prices and retreating American currency overseas.

Domestic equity markets also showed resilience even as traders stayed cautious, watching geopolitical developments and awaiting U.S. inflation numbers that are expected to provide cues for the Federal Reserve’s policy move, forex analysts said.

At the interbank foreign exchange, the rupee opened at 90.26 and strengthened up to 89.94 level before trading at 90.12 against the greenback, 11 paise higher from the closing level of the previous session.

On Tuesday (January 13), the rupee declined 6 paise to close at 90.23 against the U.S. dollar.

Meanwhile, the dollar index, which measures the greenback’s strength against a basket of six currencies, was trading 0.01% lower at 98.90.

Brent crude, the global oil benchmark, was trading 0.47% lower at $65.17 per barrel in futures trade.

On the domestic equity market front, the 30-share benchmark index Sensex rose 34.81 points to 83,662.50, while the Nifty gained 14.15 points to 25,746.90.

Foreign institutional investors offloaded equities worth ₹1,499.81 crore on Tuesday (January 13), according to exchange data.

The rupee fell 3 paise to 89.90 against the U.S. dollar in early trade on Thursday (January 8, 2026) weighed down by a rise in global crude oil prices and FII outflows.

A strengthening dollar and weaker sentiments in the domestic equity markets put additional pressure on the rupee, forex traders said.

At the interbank foreign exchange, the rupee opened at 89.96 against the U.S. dollar and later rose to 89.90, lower by 3 paise from its previous close.

The rupee rose 31 paise to close at 89.87 against the U.S. dollar on Wednesday on possible intervention by the Reserve Bank of India (RBI) and a fall in global crude oil prices.

“The RBI capped the dollar strength against rupee at 90.30 and did not allow it go beyond this by selling at 90.22 levels on Wednesday, despite the constant dollar demand from FPIs and importers who kept buying dollars on all dips up to 89.75,” Anil Kumar Bhansali, Head of Treasury and Executive Director, Finrex Treasury Advisors LLP, said.

“Today the upside seems to be capped while the downside could extend to 89.50 if the RBI continues to intervene in the market,” he said.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading 0.01% higher at 98.69.

Brent crude, the global oil benchmark, was trading 0.38% higher at $60.19 per barrel in futures trade.

On the domestic equity market front, the 30-share benchmark index Sensex declined 255.86 points to 84,705.28 in early trade, while the Nifty slipped 65.9 points to 26,074.85.

Foreign institutional investors offloaded equities worth ₹1,527.71 crore on Wednesday, according to exchange data.

The rupee snapped the four-day losing streak and appreciated 12 paise to settle at 90.18 (provisional) against the American currency on Tuesday (January 6, 2026), tracking a decline in the U.S. dollar index.

Forex traders said weak domestic equity markets and geopolitical tensions between the U.S. and Venezuela capped sharp gains for the domestic unit.

At the interbank foreign exchange, the rupee opened at 90.22 against the U.S. dollar and traded in the range of 90.08-90.25 before settling at 90.18 (provisional), up 12 paise from its previous close.

On Monday (January 5), the rupee closed 10 paise lower at 90.30 against the U.S. dollar.

“We expect the Rupee to trade with a negative bias on risk aversion in global markets emanating out of geopolitical tensions between the U.S. and Venezuela. Surge in crude oil prices and FII outflows may further pressurise the Rupee,” said Anuj Choudhary, Research Analyst, Commodities Research, Mirae Asset Sharekhan.

However, a weak Dollar amid disappointing U.S. economic data and any intervention by the RBI may support the rupee at lower levels, Choudhary added.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading 0.06% lower at 98.21 after the U.S. ISM Manufacturing PMI came in below expectations.

Brent crude, the global oil benchmark, was trading 0.47% higher at $62.05 per barrel in futures trade.

On the domestic equity market front, the 30-share benchmark index Sensex declined 376.28 points to settle at 85,063.34, while the Nifty was down 71.60 points to 26,178.70.

Foreign institutional investors offloaded equities worth ₹36.25 crore on Monday (January 5), according to exchange data.

On the domestic macroeconomic front, India’s services sector growth moderated in December, as the rates of expansion in incoming new work and output eased to the slowest in 11 months, and companies refrained from recruiting additional staff, a monthly survey said on Tuesday (January 6).

The seasonally adjusted HSBC India Services PMI Business Activity Index fell from 59.8 in November to 58.0 in December, indicating the slowest rate of expansion since January 2025.

The Indian stayed weak for the fourth straight session and closed 8 paise lower at 90.28 (provisional) against the U.S. dollar on Monday (January 5, 2026), weighed down by a firm American currency and subdued equity market sentiment.

Forex traders said that the renewed geopolitical uncertainties after the U.S. military intervention in Venezuela fuelled dollar demand worldwide even though the falling crude oil prices supported the Indian currency at lower level.

At the interbank foreign exchange market, the rupee opened at 90.21 and touched the intra-day low of 90.50 during the session before ending at 90.28 (provisional) against the greenback, 8 paise weaker compared to the previous closing level.

This was the fourth consecutive day of fall for the Indian currency, which has lost 53 paise since December 30, 2025, when it closed at 89.75 a dollar.

The rupee settled lower by 22 paise at 90.20 against the U.S. dollar on Friday (January 2), a day after losing 10 paise on Thursday (January 1). It had lost 13 paise on the last day of the previous calendar year.

Anuj Choudhary, Research Analyst, Commodities Research, Mirae Asset Sharekhan, said the rupee fell on Monday (January 5) amid geopolitical tensions between the U.S. and Venezuela.

The U.S. dollar index strengthened amid safe-haven demand, however, weakness in crude oil prices and FII inflows on Friday (January 2) provided a cushion to the rupee.

Mr. Choudhary said that the declining crude oil prices may support the rupee at lower levels. “Any intervention by the RBI may also support the rupee. Traders may take cues from ISM manufacturing PMI data from the U.S. USD-INR spot price is expected to trade in a range of 90 to 90.60,” he said.

The U.S. has carried out a military operation in Venezuela and deposed President Nicolas Maduro. President Donald Trump said the U.S. would “run” the South American country and tap its vast oil reserves to sell to other nations.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading 0.24% higher at 98.39.

Brent crude, the global oil benchmark, was trading 0.36% lower at $60.53 per barrel in futures trade.

On the domestic equity market front, the 30-share benchmark index Sensex declined 322.39 points or 0.38% to close at 85,439.62, while the Nifty fell 78.25 points or 0.30% to 26,250.30.

Foreign institutional investors turned net buyers, picking up equities worth ₹289.80 crore on Friday (January 2), according to exchange data.

The latest RBI data released on Friday (January 2) showed India’s forex reserves jumped by $3.293 billion to $696.61 billion in the week to December 26.

The overall kitty had increased by $4.368 billion to $693.318 billion in the previous reporting week.

The rupee depreciated 10 paise to close at 89.98 (provisional) against the U.S. dollar on Thursday (January 1, 2026), the first trading session of 2026, as sustained foreign fund outflows and a negative trend in domestic equities dented investor sentiments.

Forex traders said the USD/INR pair traded in a tight range, as support from easing crude oil prices was offset by a positive tone in the U.S. dollar index and foreign fund outflows.

The Indian rupee declined on the first day of the year, after registering a 5% slump in 2025, as significant fund outflows kept dollar demand elevated and the rupee under pressure.

At the interbank foreign exchange, the local unit opened at 89.94 against the dollar, touched an intra-day low of 89.99, and a high of 89.93.

At the end of Thursday’s trading session, the rupee was quoted at 89.98 (provisional) against the greenback, down 10 paise from its previous close.

On Wednesday, the rupee depreciated by 13 paise to close at 89.88 against the U.S. dollar.

In 2025, the rupee slumped 5% amid persistent outflows of foreign capital and heightened dollar demand from importers, making it one of the worst-performing Asian currencies.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading 0.09% higher at 98.32.

Brent crude, the global oil benchmark, was trading 0.78% higher at $60.85 per barrel in futures trade.

Forex traders said the USD/INR pair is trading under pressure due to multiple factors, including a shift toward risk aversion, driven by persistent capital withdrawals from foreign investors ahead of the holiday break, alongside heightened greenback demand from importers.

On the domestic equity market front, the stock market ended the first trading session of 2026 on a flat note. Sensex dipped 32 points to 85,188.60, while the Nifty was up 16.95 points to 26,146.55.

Foreign Institutional Investors offloaded equities worth ₹3,597.38 crore on Wednesday, according to exchange data.

On the domestic macroeconomic front, gross GST collections rose 6.1% to over ₹1.74 lakh crore in December 2025, on slow growth in revenues from domestic sales following the sweeping tax cuts, according to government data released on Thursday.

Gross Goods and Services Tax (GST) revenue in December 2024 was over ₹1.64 lakh crore.

The rupee started the new year on a negative note and depreciated 11 paise to 89.99 against the U.S. dollar in early trade on Thursday (January 1, 2026) weighed down by persistent foreign fund outflows.

Forex traders said the rupee entered 2026 with both challenges and cushions, while global uncertainty persists, India’s strong macroeconomic parameters and ample forex reserves provide stability.

At the interbank foreign exchange market, the rupee opened at 89.94 against the U.S. dollar, then lost some ground and touched 89.99, registering a fall of 11 paise over its previous close.

On Wednesday (December 31, 2025), the last trading session of 2025, the rupee settled at 89.88 against the U.S. dollar.

“While the calendar has changed, volatility is likely to persist. Under Governor Sanjay Malhotra, the RBI appears comfortable allowing the rupee to adjust with market forces, while remaining actively present to smooth excessive moves and maintain orderly conditions,” CR Forex Advisors MD Amit Pabari said.

Progress on the paused India–U.S. trade deal remains a key upside risk and could deliver a meaningful confidence boost if concluded, Mr. Pabari said. “For now, USD/INR is expected to trade in the 89.30–90.20 range in the near term,” he said, adding that a sustained break below 89.30 could open the path toward 88.50.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading 0.09% higher at 98.32.

Brent crude, the global oil benchmark, was trading lower by 0.78% at $60.85 per barrel in futures trade.

On the domestic equity market front, the 30-share benchmark index Sensex was trading 194.38 points higher at 85,414.98, while the Nifty was up 47.55 points at 26,177.15.

Foreign Institutional Investors offloaded equities worth ₹3,597.38 crore on Wednesday, according to exchange data.