Indian Rupee Hits Record Low of 95.3 vs USD

The Indian rupee plunged to a record low of 95.3 against the US dollar on Thursday, April 30, 2026, in the interbank foreign exchange market, driven by surging global crude oil prices and heavy foreign investor outflows from domestic equities.

The currency opened around 95 per dollar, weakened by as much as 46 paise during the session amid volatile trading, and later recovered somewhat to close at 94.91. This surpassed the prior all-time low of 95.21 touched in late March. Benchmark Brent crude oil futures spiked to a four-year high of 126.4 per barrel before easing to around 116, fueled by reports of potential US military escalation against Iran, including preparations for an extended blockade of its ports. India, which imports about 85 percent of its crude oil needs, with much of it passing through the Strait of Hormuz, faces heightened dollar demand from importers.

The downturn follows a conflict that erupted on February 28, when the US and Israel launched strikes on Iran, citing an existential threat to Israel. Iran retaliated by targeting US bases, Israel, and Gulf cities, while effectively closing the Strait of Hormuz, through which 20 percent of global petroleum supply...