Rupee slips 4 paise to settle at 96.57 against U.S. dollar
The Indian rupee depreciated against the U.S. dollar as rising tensions in West Asia pushed global crude oil prices higher. Despite RBI intervention, the currency remains under pressure due to geopolitical instability and weak domestic market performance.
Why it matters
Fluctuations in the rupee and oil prices directly impact India's inflation and overall economic stability, reflecting the vulnerability of emerging markets to global conflicts.
The rupee declined 4 paise to close at 96.57 (provisional) against the U.S. dollar on Thursday (July 23, 2026), as heightened hostilities in West Asia kept global crude oil prices elevated.
However, a likely intervention by the RBI provided support to the local unit, forex traders said.
At the interbank foreign exchange, the rupee opened at 96.53 and traded in a narrow range of 96.45-96.59 during the day before eventually settling at 96.57 (provisional), down 4 paise from its previous close.
The rupee depreciated by 28 paise to close at 96.53 against the U.S. dollar on Wednesday (July 22, 2026).
“The rupee traded with a negative bias on weak domestic markets and a surge in crude oil prices, which continued to rise as the U.S. struck Iran for the 12th consecutive day while Iran continued to strike U.S. facilities in the Gulf,” Anuj Choudhary, Research Analyst, Mirae Asset ShareKhan, said.
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