India's rupee ends 8 day run as oil hits $112.40

Business Oct 22, 2026

The rupee finally lost some steam today, ending its eight-day run and closing at 94.8175 against the US dollar.

What happened? Oil prices shot up to $112.40 a barrel, the highest since May, thanks to rising tensions in the Middle East.

Since India imports nearly 90% of its crude oil, it was hit especially hard, making markets more jittery than usual.

Rupee gains erased, markets await RBI

Not long ago, the rupee was riding high on foreign investments, a boost from Jio Platforms's IPO, and some help from the RBI.

But those wins got erased as oil costs climbed and global markets took a dip: MSCI's All-World Index just saw its biggest drop in two weeks.

Now, everyone's waiting to see how the RBI will handle the pressure with so much uncertainty swirling around.