The Indian rupee has plunged to a record low of 95.3250 against the US dollar, driven by a surge in crude oil prices, which have now exceeded $120 per barrel. This increase in oil prices, attributed to ongoing geopolitical tensions and supply constraints, is significantly impacting India's import bill and raising inflation fears. The rupee's decline, which has surpassed 6% this year, is further influenced by a hawkish US Federal Reserve that is strengthening the dollar and tightening global financial conditions. Analysts are increasingly concerned that continued rupee weakness could trigger further capital outflows, with foreign investors having already withdrawn over $20 billion from Indian markets this year, nearly double the outflows from all of 2025.
BUSINESSPublished 27 Apr 2026 • Published 3 days ago • Updated 3h ago
Indian Rupee Hits Record Low Amid Surging Crude Oil Prices
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The Indian rupee has hit a record low of 95.3250 against the US dollar, exacerbated by crude oil prices surging above $120 per barrel. This has raised inflation concerns and led to significant capital outflows, prompting market speculation about potential interventions from the Reserve Bank of India.
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