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Rupee falls to record low of 96.35 against dollar amid West Asia tensions, rising crude prices
Public Lokpal
May 18, 2026
Rupee falls to record low of 96.35 against dollar amid West Asia tensions, rising crude prices
Mumbai : The Indian rupee weakened further and closed at a record low of 96.35 (provisional) against the US dollar on Monday, pressured by rising crude oil prices on the back of ongoing geopolitical tensions and a strong dollar.
Forex traders said the global market sentiments continue to dampen amid simmering tensions between the US and Iran.
Moreover, emerging market economies, including India, continue to feel the pressure of rising crude oil prices, as elevated rates increase the outflows of US dollars, along with the outflows already happening due to FPIs, traders said.
At the interbank foreign exchange market, the rupee opened at 96.19, then fell further to 96.39 against the US dollar, registering a fall of 58 paise from its previous close.
At the end of Monday's trading session, the rupee was quoted at 96.35 (provisional), down 54 paise from its previous close.
On Friday, the Indian rupee crashed below the 96/USD mark on Friday before closing at an all-time low of 95.81 against the US dollar.
"We expect the rupee to trade with a negative bias amid a strong dollar and rising US treasury yields. Ongoing geopolitical tensions and FII outflows may also pressure the rupee.
"However, any intervention by the RBI and certain restrictions on the import of gold and silver may support the rupee at lower levels. USDINR spot price is expected to trade in a range of 96 to 96.60," Anuj Choudhary, Research Analyst, Commodities Research, Mirae Asset Sharekhan, said.
