Rupee falls 21 paise to 94.95 against U.S. dollar in early trade
The Indian rupee depreciated against the U.S. dollar as rising crude oil prices and geopolitical tensions between the U.S. and Iran pressured the currency. Domestic equity markets also saw a decline as investors reacted to the uncertain global economic environment.
Why it matters
Currency fluctuations and oil price spikes directly impact India's inflation and economic stability, reflecting broader global geopolitical instability.
The rupee depreciated 21 paise to 94.95 against U.S. dollar on Wednesday (September 9, 2026) weighed down by surging crude oil prices, which inched closer to the $100-a-barrel mark amid the simmering U.S.-Iran tensions.
A weak dollar, however, cushioned the fall, forex traders said.
At the interbank foreign exchange market, the rupee opened at 94.80 against the U.S. dollar, then touched 94.95, registering a fall of 21 paise from its previous close.
On Tuesday (September 8), the rupee fell 18 paise to close at 94.74 against the American currency.
"Indian rupee opened lower on escalating geopolitical tensions and a surge in crude oil prices. Brent has neared the $100 mark as U.S. and Iran attack each other," said Anuj Choudhary, Research Analyst, Mirae Asset Sharekhan.
“The local currency is expected to trade with a negative bias on rising crude oil prices and escalating geopolitical tensions,” he said.
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