Rupee Falls To Record 95.3 Against Dollar As Oil Prices Surge

India-West News Desk

NEW DELHI- The Indian rupee fell to a record intraday low of 95.3 against the US dollar on April 30, amid rising global oil prices and selling in domestic equity markets, PTI reported.

The currency opened at 95 in the interbank foreign exchange market and dropped 46 paise during the session. It later recovered to close at 94.2. On April 29, the rupee had declined by 20 paise to close at a then-record low of 94.8.

Global oil prices rose sharply after a report said President Donald Trump was planning an extended blockade of Iranian ports. The Wall Street Journal reported that Trump had directed US officials to prepare for such a move to pressure Iranian exports.

Benchmark Brent crude climbed more than 7% to a four-year high, touching $126.4 per barrel before easing to $116. Prices were at $78 per barrel on February 27, a day before the conflict began. Oil had also risen over 3% to $114.8 per barrel on April 29.

In India, the BSE Sensex and NSE Nifty both fell by over 0.7% on April 30. Exchange data showed foreign institutional investors sold equities worth more than Rs 2,460 crore on April 29, PTI reported.

India imports about 88% of its crude oil and roughly half of its natural gas requirement, much of it through the Strait of Hormuz.