INR vs USD: Indian rupee hits fresh record low of 95.32 against US dollar as oil prices jump to $124/bbl

The Indian rupee dropped to a fresh record low of 95.322 against the US dollar during the morning hours on Thursday.

Investing.com data showed that as of 11:59 am (IST), the Indian rupee was trading 0.44% weaker at 95.271 against the US dollar on April 30, compared to the previous currency market close level of 94.85 after Wednesday’s session.

Experts said that the Indian currency was witnessing significant pressure from investors who remained wary of the geopolitical risks and weak cues from West Asia and the rising oil prices in the market.

The US Federal Reserve’s policy decision to keep the key benchmark interest rates of the US economy unchanged in the range of 3.50-3.75% added further pressure to the global markets.

Data collected from Barcharts showed that the global benchmark Brent crude oil prices (June futures) were trading nearly 6% higher at $124.84 per barrel (bbl) as of 10:55 am (IST), compared to the previous market close of around $118 per bbl.

The oil prices surged during Thursday’s market after reports emerged of a possible extension of the US blockade at the Strait of Hormuz. The US-Iran conflict is in its ninth week since the beginning on February 28.

Higher dollar demand

Data collected from the Bloomberg US dollar spot index (DYX) showed that the US greenback was trading 0.06% higher at ₹99.021 as of 2:30 am (ET) on April 30, compared to the previous market close.