NewKerala.com

Rupee Slips Past 95 Against US Dollar as Crude Oil Surges

The Indian rupee weakened past the 95-per-dollar mark to hit a record low on Thursday, pressured by a sharp rise in global crude oil prices. The currency touched an all-time low of 95.07 in early trade before slipping further to around 95.20 during the session. Crude oil prices surged as the US intensified pressure on Iran, with Brent crude hovering near $120 per barrel. The decline also followed hawkish signals from the US Federal Reserve, which supported the dollar and pushed up US bond yields.

Key Points: Rupee Hits Record Low Past 95/USD Amid Crude Spike

  • Rupee hits record low past 95 per dollar
  • Crude oil surges near $120/bbl on US-Iran tensions
  • US Fed hawkish signals support dollar
  • Sensex, Nifty fall nearly 1%
2 min read

Rupee slips past 95 against US dollar amid crude spike

Rupee weakens past 95 per dollar to record low as crude oil surges near $120/bbl on US-Iran tensions. Sensex, Nifty fall nearly 1%.

"Washington has signalled no easing of its naval blockade and moved to seize tankers linked to Tehran, raising fears of prolonged supply disruptions. - News report"

Mumbai, April 30

Domestic currency weakened past the 95-per-dollar mark to hit a record low on Thursday, pressured by a sharp rise in global crude oil prices amid escalating tensions between the US and Iran.

The currency touched an all-time low of 95.07 in early trade, and slipped to an intraday low of 95.126 against the US dollar, before weakening further to around 95.20 during the session.

The decline also follows hawkish signals from US Federal Reserve policymakers, which have supported the dollar and pushed up US bond yields. The Jerome Powell-led central bank kept benchmark interest rates unchanged at its latest policy meeting.

In 2026 so far, the rupee has depreciated about 5.8 per cent.

Meanwhile, crude oil prices continued to surge, extending gains from their highest close in nearly four years, as the US intensified pressure on Iran. Washington has signalled no easing of its naval blockade and moved to seize tankers linked to Tehran, raising fears of prolonged supply disruptions.

Brent crude hovered near $120 per barrel after jumping more than 6 per cent on Wednesday to its highest level since June 2022. On Thursday, it was trading around $114.10 per barrel, up about 3 per cent from the previous close.

Similarly, US West Texas Intermediate (WTI) traded above $107 and was last seen at $110.28 per barrel, also higher by around 3 per cent.

US President Donald Trump said he would not lift the naval blockade of Iran's ports until a nuclear deal is reached, while Iranian officials have shown no indication of stepping back.

The negative sentiment was also reflected in domestic equity markets, with Sensex and Nifty declining nearly 1 per cent in early trade.

- IANS

Share this article:

Reader Comments

P
Priya S
It's not just about crude, it's about the Fed's hawkish stance too. If US interest rates stay high, money will keep flowing out of India and other emerging markets. Rupee depreciation is systemic—we need to boost exports and reduce import dependence to become resilient. But easy to say, hard to do though. 🇮🇳
R
Rohit P
Meanwhile, our politicians are busy fighting over petty issues instead of focusing on economic stability. We're importing 85% of our crude and have zero strategic hedging against price spikes. For all the talk of 'Atmanirbhar Bharat', we still can't produce enough oil. Need to push renewables aggressively—solar, wind, EV adoption. But no, we love imported oil too much! 😤
S
Sarah B
As someone who used to live in Mumbai and now in the UK, I see how fragile global supply chains are. But this isn't just India's problem—it's a global one. The US-Iran tensions are hurting everyone. If Brent stays above $100 for long, expect higher inflation everywhere. India must diversify its energy sources and also negotiate better trade deals. Just my two cents from abroad.
V
Vikram M
Crude at $120? 😱 This is going to wipe out entire sectors! Power sector, FMCG, aviation, auto—everything is linked to oil prices. And with rupee depreciating, imported raw materials become even costlier. RBI is in a tight spot—can't cut rates to boost economy because inflation will spike. Honestly, this is a double whammy. We need more fiscal discipline and less populist spending.
J
James A

We welcome thoughtful discussions from our readers. Please keep comments respectful and on-topic.

Leave a Comment

Minimum 50 characters 0/50