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.

The rupee rebounded by 16 paise from its all-time low to 95.52 against the American currency in early trade on Wednesday (May 13, 2026) amid hopes of lower demand for the U.S. dollar due to import curbs.

Forex traders said market participants are expecting some resilience in the dollar-rupee pair as gold importers curb their demand.

The Indian 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 FX reserves.

However, elevated crude oil prices and the strength of the American currency in the overseas market weighed on investor sentiments.

At the interbank foreign exchange market, the rupee opened at 95.52, registering a gain of 16 paise from its previous all-time closing low.

On Tuesday (May 12), the rupee depreciated 40 paise to close at a fresh all-time low of 95.68 against the U.S. dollar.

Traders said the hike in gold import tariff could bring down the demand of the yellow metal in the country, which is the World’s second-largest consumer of precious metals.

“The move will also help in curbing the CAD and help the rupee to some extent,” said Anil Kumar Bhansali, Head of Treasury and Executive Director, Finrex Treasury Advisors LLP.

On Sunday (May 10), PM Modi urged people to avoid Gold purchases for a year to help protect foreign exchange as India imports most of the precious commodities with hardly any production of its own.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading at 98.30, up 0.01%.

Brent crude, the global oil benchmark, was trading lower by 1.12% at $106.56 per barrel in futures trade.

On the domestic equity market front, stock markets rebounded in early trade. The 30-share Sensex climbed 75.64 points to 74,614.51, while the Nifty was up 17.10 points to 23,391.10.

Foreign Institutional Investors offloaded equities worth ₹1,959.39 crore on Tuesday (May 12), 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).

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.

The data released by the National Statistics Office (NSO) showed that inflation in the food basket was at 4.20% in April, up from 3.87% in the preceding month.

The Rupee depreciated 35 paise to a record low of 95.63 against the U.S. dollar in early trade on Tuesday (May 12, 2026), after U.S. President Donald Trump said that the ceasefire with Iran was on life support with hopes for a deal with the country fading, triggering a surge in crude oil prices.

Market sentiments remained dominated by fears that the 10-week-old conflict could further tighten global supply, particularly after Mr. Trump rejected Tehran’s latest response to a U.S.-backed peace proposal, calling it totally unacceptable.

At the interbank foreign exchange market, the Rupee opened at 95.57 against the U.S. dollar and then fell further to an all-time low of 95.63 against the greenback, down 35 paise from its previous close.

On Monday (May 11, 2026), the Rupee tanked 79 paise to settle at its record low of 95.28 against the U.S. dollar.

“Oil prices were largely steady in Asian trade on Tuesday (May 12, 2026) after climbing nearly 3% in the previous session, as U.S. President Trump said that the ceasefire with Iran was on life support, damping the hopes for a quick resolution to the conflict,” 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 at 98.14, up 0.19%. Brent crude, the global oil benchmark, rose sharply by 0.85% to $105.10 per barrel in futures trade.

U.S. President Donald Trump on Monday (May 11, 2026) said the ceasefire with Iran was at its “weakest” and on “massive life support”, a day after he rejected Tehran’s proposal to end the months-long war as “totally unacceptable”.

“It is at its weakest… After reading that piece of garbage they sent us… It’s on life support, massive life support,” Mr. Trump told reporters at the Oval Office in response to a question on the ceasefire with Iran in the wake of the rejection of the peace proposal.

“They think that I’ll get tired of this, or I’ll get bored, or I’ll have some pressure, but there’s no pressure, there’s no pressure at all. We’re going to have a complete victory,” Mr. Trump said.

On the domestic equity market front, Sensex fell 525.44 points to 75,489.84 in early trade, while the Nifty dropped 164.5 points to 23,651.35. Foreign Institutional Investors offloaded equities worth ₹8,437.56 crore on Monday (May 11, 2026), according to exchange data.

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.

The rupee depreciated 28 paise to 94.77 against the U.S. dollar in early trade on Thursday (May 7, 2026) as market sentiment took a dramatic turn after reports emerged that the U.S. and Iran are discussing a 14-point Memorandum of Understanding (MOU) aimed at reducing tensions and reopening negotiations.

Forex traders said Brent oil prices, which had fallen to $98 on the U.S.-Iran peace deal, edged slightly higher to $101 per barrel after investors weighed the prospects for a West Asia peace deal.

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

At the interbank foreign exchange market, the rupee opened at 94.77 against the U.S. dollar, registering a fall of 28 paise over its previous close.

On Wednesday (May 6, 2026), the rupee appreciated 69 paise to close at 94.49 against the U.S. dollar.

“Markets are currently focused on the critical 48-hour window during which the U.S. expects Tehran’s formal response through Pakistani mediators,” said CR Forex Advisors MD Amit Pabari.

U.S. President Donald Trump on Wednesday (May 6, 2026) threatened Iran with more bombing if it doesn’t reopen the Strait of Hormuz, amid a report that the warring sides were nearing an agreement to end the war.

U.S. media outlet Axios reported, quoting U.S. officials and two other sources, that the U.S. and Iran were getting close to a one-page memorandum of understanding to end the war and set a framework for more detailed nuclear negotiations.

The U.S. expects Iranian responses on several key points over the next 48 hours, Axios reported, adding that nothing has been agreed yet. This was the closest the parties had been to an agreement since the war began.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading at 98.01, down 0.01%.

Brent crude, the global oil benchmark, was trading higher by 0.65% at $101.83 per barrel in futures trade.

On the domestic equity market front, the 30-share benchmark index Sensex declined 160.24 points to 77,798.28 in early trade, while the Nifty was down 30.25 points to 24,300.70.

Foreign Institutional Investors offloaded equities worth ₹5,834.90 crore on Wednesday (May 6, 2026), according to exchange data.

On the domestic macroeconomic front, the country’s goods and services exports rose 4.6% to an all-time high of $863.11 billion during 2025-26, up from $825.26 billion in 2024-25, despite global economic uncertainties, according to revised commerce ministry data.

Merchandise exports grew 0.93% to $441.78 billion in the last fiscal year from $437.70 billion in 2024-25, the data showed.

The rupee appreciated 61 paise to close at 94.57 (provisional) against the U.S. dollar on Wednesday (May 6, 2027), as Brent crude prices retreated from elevated levels towards $100 per barrel after U.S. President Donald Trump hinted at a possible deal with Iran.

Forex traders said that with the Indian rupee facing severe pressure, the Reserve Bank of India (RBI) is also actively pursuing a “non-direct” strategy to support the currency.

Moreover, market sentiment was boosted after Mr. Trump paused “Project Freedom,” a U.S. operation to escort ships through the Strait of Hormuz.

At the interbank foreign exchange market, the rupee opened at 95 against the U.S. dollar, then lost ground and touched an intraday low of 95.18. The rupee finally settled at 94.57 (provisional), registering a rise of 61 paise over its previous close.

On Tuesday (May 5), the rupee settled at 95.18 against the U.S. dollar, after witnessing an all-time intraday low of 95.44, on possible RBI intervention after investors retreated from riskier assets amid renewed clashes in the Gulf and targeting of UAE infrastructure, which reignited supply chain fears.

According to CR Forex Advisors MD Amit Pabari, the Reserve Bank of India is exploring ways to support the currency without directly using its forex reserves.

Mr. Pabari further noted that one of the ideas being discussed is to encourage state-run banks to raise funds through foreign currency bonds, which could help bring fresh dollar inflows into the system.

President Trump has suspended “Project Freedom” to escort ships through the Strait of Hormuz, claiming progress in negotiations with Iran toward an agreement to end the war.

In a post on Truth Social on Tuesday (May 5), Mr. Trump said, “Great progress has been made toward a complete and final agreement with representatives of Iran.”

Project Freedom was launched on Monday (May 4) to escort ships, stranded due to the closure of the Strait of Hormuz, out to safety. Mr. Trump had announced the operation on Sunday (May 3), and the U.S. Central Command began implementing it the next day.

“The global mood showed a slight pause, but not a complete sense of relief. U.S. President Donald Trump announced that “Project Freedom” will be temporarily paused to allow room for a possible agreement, which has helped cool some of the extreme uncertainty in the markets,” Mr. Pabari said.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading at 97.79, down 0.66%.

Brent crude, the global oil benchmark, was trading lower by 8.25% at $100.81 per barrel in futures trade.

On the domestic equity market front, Sensex jumped 940.73 points to settle at 77,958.52, while the Nifty surged 298.15 points to 24,330.95.

Foreign Institutional Investors sold equities worth ₹3,621.58 crore on Tuesday (May 5), according to exchange data.

Meanwhile, India’s services sector growth climbed to a five-month high of 58.8 in April with new orders and output expanding at quicker rates, as firms indicated a shift from international to domestic suppliers amid the West Asia crisis, a monthly survey said on Wednesday (May 6).

The seasonally adjusted HSBC India Services PMI Business Activity Index rose from 57.5 in March to 58.8 in April, showing the strongest rate of expansion since last November.

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 slid ​to a record low on ‌Tuesday (May 5, 2026) after U.S.-Iranian strikes ​in the Gulf rattled ⁠markets, dimming hopes for a resolution and deepening concerns over ‌risks confronting the oil-importing economy.

The currency ‌weakened to 95.39 ‌per ⁠dollar, down 0.3% on ⁠the day, eclipsing its previous all-time low of 95.33 hit on ​Thursday (April 30, 2026) last ‌week.

Oil-sensitive Asian peers such as the Indonesian rupiah and Philippine peso also ‌weakened on Tuesday (May 5, 2026) as ​the Gulf hostilities tested a fragile truce ⁠and kept investors on edge.

Analysts reckon that an ‌elongated conflict in the West Asia, which keeps energy prices elevated, would widen India’s current account deficit, slow growth ‌and stoke inflation.

The economic worries ​have reflected in foreign portfolio outflows from ⁠Indian assets. Overseas investors have ⁠net sold over $20 billion worth of Indian ‌stocks between March and May so far.

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 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.