Rupee slides to record low of 96.3 against US dollar

The Indian rupee weakened to a record low of 96.3 against the United States dollar on Monday amid elevated global oil prices and economic headwinds caused by the conflict in West Asia.

The value of the Indian currency fell nearly 40 paise during the day. The previous low of 96.1 against the dollar was reached on Friday.

The Indian rupee has been the worst-performing Asian currency in 2026, with a 5.5% fall in its value ⁠since the conflict began on February ​28. Monday was the fifth consecutive trade session in ⁠which ​it reached a record low.

This came after the price of benchmark Brent crude increased 0.6% to $110 per barrel on Monday. The price of Brent was $78 per barrel on February 27, a day before the conflict started.

India imports 88% of its crude oil needs and about half of its natural gas requirement. This mostly comes through the Strait of Hormuz, which has been effectively blocked due to the conflict in West Asia.

The India VIX index, which measures volatility in the market, spiked 4.4% on Monday.

The Indian stock market on Monday tanked more than 1.1% in the first hour as global bond yields surged to record highs, but recovered by the end of the trading session.

The benchmark Sensex had fallen...

Read more