&imwidth=800&imheight=600&format=webp&quality=medium "Indian rupee hits fresh record low, settles at 96.35 against US dollar")
The Indian rupee extended its historic slide on Monday (May 18), settling at an all-time low of 96.35 against the US dollar, as a perfect storm of surging crude oil prices, persistent geopolitical tensions, and a strengthening greenback battered the domestic currency. The latest close marks yet another grim milestone in what has been a relentless depreciation for the rupee in 2026.
The rupee opened on a weak note and slumped to an intraday record low of 96.25 in early trade, as elevated crude oil prices, global uncertainty, and a stronger dollar continued to remain key risks for the domestic unit.
Forex traders said that higher crude oil prices, a stronger US dollar, and ongoing geopolitical tensions have together created a difficult environment for emerging market currencies, and the rupee is clearly reflecting that stress. The Indian rupee has emerged as Asia's worst-performing major currency in 2026, breaching 96 per dollar for the first time on record, with a cumulative depreciation of roughly 5.5% since the Iran conflict began in late February. The rupee has registered over 6 per cent losses so far this year, and in the past six trading sessions alone, it has depreciated nearly 2 per cent as Iran war risk escalation pushed crude oil prices higher.
Brent crude, the global oil benchmark, was trading up 1.83 per cent at $111.26 per barrel in futures trade, while the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading at 99.32, higher by 0.04 per cent due to simmering Iran tensions.
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The dual blow of higher oil prices and a stronger dollar has hit India particularly hard, given its status as one of the world's largest crude importers. India moved swiftly over the weekend to defend the rupee, tightening silver import rules and requiring prior government approval for silver bar imports, citing foreign exchange reserve pressures. Earlier, on May 13, the Central government raised import duties on gold and silver from 6 per cent to 15 per cent, and announced a ₹3 per litre hike in petrol and diesel prices on May 15.
