The Indian rupee continued its decline for the fifth consecutive day, falling by 24 paise to 94.25 against the US dollar in early trading on Friday. Factors contributing to this downturn include fluctuating crude oil prices and a robust US dollar, amid waning prospects for peace talks in West Asia.
Analysts noted that, despite a ceasefire agreement between the United States and Iran, shipping activities in the Strait of Hormuz remain uncertain. Tensions escalated after the US military seized another Iranian oil tanker on Thursday, adding to the ongoing standoff and causing fluctuations in global fuel prices.
President Donald Trump has also authorized the military to “shoot and kill” small Iranian vessels deploying mines that disrupt traffic in the Strait of Hormuz.
The ongoing withdrawal of foreign funds from Indian stock markets has further heightened investor concerns, leading to substantial sell-offs in equities and contributing to the rupee’s depreciation, according to forex traders.
In the interbank foreign exchange market, the rupee opened at 94.25 and maintained that level in the early hours of trading, marking a loss of 24 paise from the previous closing. The currency extended its losing streak for a fourth consecutive session on Thursday, closing 23 paise lower at 94.01. Over the past four sessions, the domestic currency has depreciated by nearly 1.4%, down from the closing level of 92.91 recorded on April 17.
Meanwhile, the dollar index, which measures the greenback’s strength against a basket of six currencies, rose by 0.12% to 98.71. Brent crude, the global oil benchmark, was trading 0.86% higher at $105.97 per barrel in futures trading.
In the domestic equity markets, the 30-share Sensex was down by 547.02 points or 0.70%, trading at 77,116.98, while the Nifty lost 159.75 points or 0.66%, settling at 24,013.30 in early deals. According to exchange data, Foreign Institutional Investors sold equities worth approximately ₹3,254.71 crore on Thursday.
Published on April 24, 2026.
