Indian Rupee Falls 23 Paise Against U.S. Dollar As Crude Oil Prices Rise

The Indian rupee weakened by 23 paise to settle at a provisional 95.96 against the U.S. dollar on Thursday, September 24, 2026. The domestic currency dropped due to rising crude oil prices and a strong greenback amid global uncertainties. Forex traders noted that heavy selling in local stock markets also weighed on the currency as investors moved toward safer assets. At the interbank foreign exchange market, the rupee opened at 95.84 and touched an intraday low of 95.98. On Wednesday, September 23, the rupee had closed 11 paise lower at 95.73. Aamir Makda, an analyst at Choice Broking, said the rupee dropped sharply under pressure from Brent crude prices and a robust U.S. dollar, which gained strength as expectations for further Federal Reserve rate hikes grew. Makda added that strong U.S. business activity data reignited inflation fears, while weak demand at a Treasury debt auction drove U.S. bond yields higher. The dollar index traded at 100.99, up 0.18 percent. Brent crude futures rose 2.74 percent to $105.90 per barrel. Oil prices climbed past $100 a barrel because of a lack of diplomatic progress in West Asia peace efforts following meetings between U.S. and Iranian officials at the United Nations General Assembly in New York. U.S. President Donald Trump warned the U.S. might destroy the Islamic Republic if no deal is made, while Iran's President Masoud Pezeshkian responded in a speech that his people are victims of U.S. terrorism. In domestic stock markets, the Sensex fell 1,247.71 points, or 1.67 percent, to close at 73,580.54, while the Nifty dropped 383.70 points, or 1.64 percent, to 23,063.10. Foreign Institutional Investors bought equities worth ₹1,617.45 crore on a net basis on Wednesday.