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The Indian rupee weakened past 92 per dollar for the first time on Wednesday as an intensifying war in the Middle East drove oil prices sharply higher, heightened the risk of portfolio outflows and raised concerns about remittance flows from diaspora in the region. The rupee fell to 92.17 to the dollar, down 0.7%, eclipsing its previous all-time low of 91.9875 hit in late January. The widening Middle East conflict threatens to hit India through multiple external channels. The country imports more than 80% of its crude oil needs, making the rupee highly sensitive to oil price shocks that swell…
The rupee weakened over the last week, as global and domestic factors turned adverse. The escalation of tensions involving the US, Israel and Iran has sharply shifted the global risk sentiment, triggering a risk-off move across markets.A key concern is the potential disruption of oil supplies through the Strait of Hormuz, through which nearly 20 per cent of the world’s crude oil passes. Brent crude futures (now at $82/barrel) have risen about 14 per cent so far this month and are up about 33 per cent year-to-date. Given India’s dependence on oil imports, sustained strength in crude prices increases dollar…
The Indian rupee, already Asia’s worst-performing currency in FY26, lost 50 paise Monday as Iranian attacks on major West Asian energy assets caused crude oil prices to leap about 10% despite assurances by major global exporters to modestly boost output.The rupee closed below the 91 mark to a dollar for the first time in a month – at 91.48 – as financial assets across Asia were battered by an alarming escalation in the US-Iran conflict. The US dollar strengthened and precious metals expectedly surged on safe-haven appeal after Tehran blockaded a narrow Persian Gulf strait that evacuates oil pumped by…
Opening weaker at 91.25 per dollar(down 28 paise compared with previous close of 90.97), the rupee tested intraday high/low of 91.2150/91.4900. | Photo Credit: iStockphoto The US-Israel joint attacks on Iran had its ripple impact on the rupee, which weakened below 91 to the dollar and touched a one-month low on Monday.The Indian unit was weighed down by FPI selling in the equity markets amid risk-off sentiment setting in, prompting investors to invest in safe-haven assets such as US Treasuries and gold, and hardening global crude oil and gold prices.Opening weaker at 91.25 per dollar (down 28 paise compared with…
The rupee saw a steep loss of 42 paise to settle at 91.50 (provisional) against the US dollar on Monday after US and Israeli attacks on Iran intensified worldwide risk aversion, setting crude oil prices on fire and demand for the American currency soaring.Massive selling in domestic equity markets and withdrawal of foreign funds further dragged the Indian currency down, forex traders said.At the interbank foreign exchange, the rupee opened at 91.23 and touched the intraday low of 91.65 against the greenback. The currency ended the session at 91.50 (provisional) against the dollar, registering a steep loss of 42 paise…
The rupee fell to its weakest in a month, while the cost of hedging against further depreciation against the dollar rose, as the escalating military conflict in the Middle East kept financial markets across the globe on edge.The Reserve Bank of India likely stepped into the market, traders said, while dollar sales by foreign banks also helped curb losses in the rupee, which fell 0.5% to close at 91.47 per dollar in its steepest drop in more than a month.Stocks in Asia and Europe retreated, with MSCI’s gauge of Asia-Pacific shares down over 1.5% and India’s benchmark Nifty 50 index…
The Indian rupee slid to its weakest level in a month and local stocks slumped on Monday as the Iran war hurt risk assets and lifted oil prices, compounding worries for India which relies on the Middle East for a substantial part of its energy imports. The rupee fell 0.3% to 91.2350, its weakest level since early February, while benchmark stock indexes Nifty 50 and BSE Sensex were down about 1% each. The U.S. and Israel launched strikes on Iran over the weekend. The military action resulted in the death of Iran’s Supreme Leader and sparked a wave of retaliation…
India’s foreign exchange reserves dipped by $2.119 billion in the week that ended February 20 to $723.608 billion, after having reached a new all-time high recently, according to the Reserve Bank of India’s latest data.Foreign exchange reserves dipped in the latest week, driven by a drop in gold reserves and foreign currency assets. Over the past few weeks, the forex kitty has been largely in an uptrend. Foreign exchange reserves touch record high of $725.727 billion in February.For the reported week (that ended February 20), India’s foreign currency assets (FCA), the largest component of foreign exchange reserves, stood at $572.564…
The rupee declined 8 paise to settle at 90.99 (provisional) against the US dollar on Friday weighed down by a sharp rise in global crude oil prices amid geopolitical uncertainties.FII outflows and a fall in the domestic equity markets further pressured the local unit, according to forex traders.At the interbank foreign exchange, the rupee opened at 90.91 and moved in a narrow range of 90.91-91.06 before settling at 90.99 (provisional), down 8 paise from its previous close.The rupee settled on a flat note at 90.91 against the US dollar on Thursday.”We expect the rupee to trade with a negative bias…
The Indian rupee strengthened in February to log its first monthly rise since April 2025 as a pick-up in foreign portfolio inflows and the announcement of a U.S. trade deal eased pressure on the emerging market laggard.The currency strengthened about 1% in February, recovering from a struggle near record low levels at the end of last month after the U.S. and India announced a long-awaited trade deal.The boost proved short-lived, though, as the U.S. Supreme Court order to strike down President Trump’s signature global tariffs and jitters about how artificial intelligence may impact India’s IT sector rocked sentiment.IT shares logged…