Muscat: Pressured by surging global crude oil prices amid escalating tensions between the United States and Iran, before stabilising slightly following central bank intervention, the rupee traded above ₹95.10 during the session, marking its weakest level on record, as geopolitical uncertainty triggered a spike in oil prices, an adverse development for India, which relies heavily on crude imports.

“Yesterday our view was that it may cross 95. It crossed 95, trading above 95.10. Exchange houses may offer around 246,” said Madhusoodanan R, Executive Advisor to the Board at Global Money Exchange, indicating pressure on retail forex rates.

By Friday, May 1, the rupee showed marginal recovery, trading around ₹95 levels, with exchange rates hovering near ₹245.50 in the retail market. According to market experts, the slight rebound came after intervention by the Reserve Bank of India (RBI), which likely sold dollars to stabilise the currency.

The depreciation reflects a combination of external pressures, including rising crude oil prices, a strengthening US dollar, and risk-off sentiment among global investors