Rupee plunges 34 paise to 95.08 against dollar as crude prices surpass $100 mark
The Indian rupee depreciated significantly against the U.S. dollar, closing at 95.08 due to surging crude oil prices and geopolitical instability. Analysts expect continued pressure on the currency as tensions between the U.S. and Iran escalate.
Why it matters
Currency devaluation and high oil prices pose a direct threat to India's import costs and overall macroeconomic stability.
The rupee slumped by 34 paise to close at 95.08 (provisional) against the American currency on Wednesday (September 9, 2026) as crude prices crossed the $100 per barrel mark, stoking concerns over inflation and high forex outflows.
Weak equity markets and FII outflows also pressurised the rupee, forex traders said.
Brent crude futures surpassed $100 a barrel for the first time in almost six weeks after attacks on oil facilities and ships in West Asia threatened to weaken the already strained supply chain amid U.S.-Iran tensions . Brent crude was trading higher by 2.94% at $100.73 per barrel.
At the interbank foreign exchange market, the rupee opened at 94.80, also its intraday high, against the U.S. dollar. The local unit fell to an intraday low of 95.22 as crude oil prices surged. The rupee settled at 95.08 (provisional), down 34 paise from its previous close of 94.74.
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