Indian rupee at ₹94.74 amid oil surge, U.S.-Iran tensions
The rupee dropped again on Wednesday, April 29, 2026, trading at ₹94.74 against the US dollar, its fifth straight day of losses.
This steady fall is mostly thanks to rising global oil prices, driven by ongoing tensions between the US and Iran.
With crude nearing $110 a barrel, importers (especially in the oil sector) are scrambling to guard against even more depreciation.
Analysts warn rupee may hit ₹95.22
Higher oil prices mean India's import bill is getting heavier, which puts extra stress on the country's finances and keeps the rupee under pressure.
Analysts warn that if things don't settle down soon, the rupee could slide further toward its all-time high of ₹95.22.
The Reserve Bank of India is now facing a tough challenge as it tries to steady the currency in these unpredictable times.