Oil Back Above $100: West Asia Tensions Trigger Fresh Price Surge
The Indian rupee has hit a record low of 92.37 against the US dollar due to surging crude oil prices and a strengthening US dollar. The Reserve Bank of India has intervened to stabilize the currency, selling dollars through state-run banks to prevent further decline.
The Indian rupee plunged to a record low of 92.37 per US dollar. This is due to rising crude oil prices and a strengthening US dollar. The Reserve Bank of India stepped in to sell dollars and stabilize the currency. Oil prices surged to $100.50 per barrel due to geopolitical tensions in West Asia. India imports 85% of its crude oil, making it sensitive to global energy price fluctuations. The US Dollar Index climbed to 99.50, its highest level in 2026, adding to the rupee's weakness.
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