Rupee Dive Amid Geopolitical Uncertainty and Oil Price Surge
The rupee just took another dive. It hit a fresh all-time low on Thursday, dropping another twenty paise to settle at 95.86 against the dollar. It’s a real low, fueled by the cost of crude oil and all that money pulling out of foreign portfolios.
The interbank market showed it already falling. It opened at 95.74, then just kept sliding down to that record low of 95.86. A full twenty paise drop in one session.
Brent crude is still stubbornly high, hovering around $106 a barrel. This is happening right as Donald Trump met with Xi Jinping, all while the Iran war hangs over everything.
It’s a messy picture.
The rupee has shed 1.4% this week alone. It’s hit record lows in every single trading session between Tuesday and Thursday.
Earlier on Wednesday, it had actually touched 95.80, before settling back down to 95.66.
Amit Pabari, MD at CR Forex Advisors, summed up the feeling. He said, “From jewellery showrooms to fuel stations, every imported commodity is now carrying a heavier price tag, and the rupee is feeling the weight of it.”
And the uncertainty? Geopolitical headlines just keep swinging market sentiment, almost hourly.
Trump mentioned he doesn’t expect China to help sort out the Iran conflict. Peace talks are stalled because sides just don't aGree on the conditions.
But there’s still movement. While Trump might not need China’s help for the war, expectations are that he will look for Xi’s support. The real sticking point is whether that meeting actually moves anything on the Iran conflict.
Some are hoping China will push Tehran to strike a deal. To let energy flow through the Strait of Hormuz again.
On Thursday, Xi Jinping announced that 2026 will be a “historic, landmark year” for US-China relations, welcoming Trump to the Great Hall of the People for talks.
The world’s two biggest economies are supposed to have a few rounds of talks Thursday and Friday.
This whole situation is wrapped up in growing economic and geopolitical uncertainty. Conflicts across the West, the East, and that global energy shock has really taken a toll, especially in Asia.
Xi and Trump are expected to chew over the war in Iran, trade, technology, and Taiwan during those talks. Plenty of friction there.
Meanwhile, the dollar index itself was trading at 98.48, ticking down a tiny bit, just 0.04 per cent.
And the oil market kept climbing. Brent crude was up 0.44 per cent, hitting $106.10 in futures trade.
On the domestic side, the markets reacted sharply. Sensex jumped 424.44 points, landing at 75,033.42 in early trading. Nifty followed suit, climbing 141.90 points to 23,554.50.
Foreign institutional investors were dumping equities on Wednesday. They offloaded about Rs 4,703.15 crore, according to exchange data. Just another layer of pressure on the currency.
Written by Gree News Team — Senior Editorial Board
Gree News Team covers international news and global affairs at Gree News. Our collective of senior editors is dedicated to providing independent, accurate, and responsible journalism for a global audience.
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