Rupee exchange rate crosses ₹96 per dollar as crude soars
At the interbank foreign exchange market, the rupee opened at 96.19, then fell further to 96.39 against the U.S. dollar, registering a fall of 58 paise from its previous close. Representational image.
| Photo Credit: Getty Images/iStockphoto
The Indian rupee crossed the psychological mark of ₹96 per dollar, closing at ₹96.20, according to data from the Clearing Corporation of India (CCIL), as Brent crude prices continue to rise.
The foreign exchange rate is up 6.3% since January 1, 2026. The depreciation is majorly due to the increase in oil prices, with Brent Crude Futures at $110.8 a barrel and WTI Crude Futures at over $102.7 a barrel.
The crude oil price hike comes after U.S. President Donald Trump stated that Iran needs to move quickly toward peace after stalling. “They better get moving, FAST, or there won’t be anything left of them,” he wrote on his Truth Social platform. “TIME IS OF THE ESSENCE!” he added in his social media post.
Foreign funds have withdrawn more than ₹2 lakh crore in equities, adding to the depreciating rupee.
In May alone, FIIs sold ₹24,829 crore in equities. The outflow is expected to continue, which will put a lot more depreciation pressure on the rupee, say analysts.
“The broader trend for the rupee remains weak, with markets closely watching India’s strategic efforts to secure lower-cost oil and gas supplies to ease pressure on the import bill and forex reserves. Continued FII selling and global risk aversion are also adding to volatility in the currency market,” said Jateen Trivedi, VP Research Analyst — Commodity and Currency, LKP Securities.
“Technically, rupee support is now seen near 96.55, while immediate resistance is placed around 96.00–96.10,” he added.
Published – May 18, 2026 04:59 pm IST
