Indian rupee falls to record 96.53 as Brent hits $100
Business
The Indian rupee just slid to a record low of 96.53 against the US dollar, thanks to spiking crude oil prices and rising tensions between the US and Iran.
Things got worse after reports of a closure of the Strait of Hormuz, a key route for global oil shipments, which Brent crude stood at $100 a barrel during Asian trading hours.
Rupee down over 10% in FY26
The Reserve Bank of India tried to steady things when the rupee hit 96.61, but its support didn't last long.
With importers scrambling for US dollars and exporters holding back, market imbalances grew.
Since these tensions started, the rupee has lost nearly five rupees, dropping over 10% in FY26, and traders expect it could hover between 96.25 and 97 on Wednesday.