Daijiworld Media Network – Mumbai

Mumbai, Apr 30: The Indian rupee slipped beyond the Rs 95 mark against the US dollar for the first time on Thursday, touching a record low of Rs 95.20 in early trade amid rising global crude oil prices and growing tensions between the US and Iran.

The currency opened at Rs 95.01 in the interbank forex market, sharply lower than Wednesday’s closing level of Rs 94.88. The rupee has now weakened for the third straight week and has declined around 5.8 percent so far this year, making it one of the weakest currencies in emerging Asia.

Market experts said the sharp rise in crude oil prices has added pressure on the rupee, as India depends heavily on oil imports. Brent crude rose above $120 per barrel, while US crude traded above $107, following concerns over supply disruptions linked to the ongoing West Asia conflict.

The closure of the Strait of Hormuz and continued blockade of Iranian ports have further raised fears of prolonged supply shortages, pushing energy prices higher.

Analysts also pointed to a stronger US dollar after the US Federal Reserve kept interest rates unchanged and signalled a firm policy stance.

Forex traders said the rupee may remain under pressure in the near term due to expensive oil imports, weak capital inflows, and uncertainty caused by geopolitical tensions.