The Indian rupee continued its decline for the fourth consecutive session, falling past the 94 mark against the US dollar. In early trading on Thursday, the rupee was down by 34 paise, pricing at 94.12 due to increasing crude oil prices and stagnant progress in peace negotiations in West Asia.
Forex traders noted that the rupee faced additional pressure from substantial selling in domestic equities and the exit of foreign investors amid escalating global demand for the US dollar. At the interbank foreign exchange market, the rupee began trading at 94.04 but slipped further to 94.12, marking a 34 paise decline from Wednesday’s close.
On Wednesday, the rupee ended at 93.78 against the dollar, representing its third consecutive day of decline, following a decrease of 53 paise in the prior two sessions. The ongoing geopolitical tensions, particularly the conflict in West Asia, contributed to the domestic currency breaching the critical 94-a-dollar level for the first time since March 23 and reaching an all-time low intraday level of 95.22 on March 30. A series of interventions by the Reserve Bank of India had previously aided a recovery.
After closing the prior week at 92.91 against the dollar on April 17, the rupee faced renewed downward pressure due to rising tensions in West Asia and uncertainties concerning the Strait of Hormuz, a vital artery for global fuel shipments.
In related developments, the dollar index, a measure of the greenback’s strength relative to six major currencies, climbed by 0.12 percent to 98.53. Brent crude, the international oil benchmark, was trading at USD 103.31 per barrel, a 1.37 percent increase in futures markets.
In the domestic equity arena, the 30-share Sensex fell by 632.36 points, or 0.81 percent, to 77,884.13, while the Nifty index dropped 179.10 points, or 0.73 percent, to 24,198.90. Foreign Institutional Investors reportedly sold equities worth approximately Rs 2,078.36 crore on Wednesday.
In a recent update, President Donald Trump announced the indefinite extension of the ceasefire with Iran, citing that new peace talks are on hold. Iranian state media confirmed the ceasefire’s extension but did not clarify the country’s willingness to participate in upcoming negotiations to resolve the conflict.
Published on April 23, 2026.
