The Indian rupee extended its decline for the fifth consecutive day, depreciating 22 paise to close at a provisional rate of 94.23 against the US dollar on Friday. This trend was attributed to rising crude oil prices and a strengthening US dollar, amid uncertain prospects for peace talks in West Asia.
Despite a ceasefire between the United States and Iran, ship movement through the crucial Strait of Hormuz remains unpredictable, unnerving global fuel prices. The ongoing tensions have led to significant selling in domestic equity markets and a downturn in foreign fund inflows, according to forex analysts.
President Donald Trump has directed the US military to “shoot and kill” small Iranian vessels that attempt to deploy mines, which pose a threat to shipping traffic in the Strait of Hormuz.
In the interbank foreign exchange market, the rupee opened at 94.25 and remained within a narrow range throughout the trading session, reaching a high of 94.18 and a low of 94.31 against the dollar. It ultimately settled at 94.23, reflecting a loss of 22 paise from the previous day’s closing level.
On Thursday, the rupee had closed 23 paise lower at 94.01 against the US dollar, marking four straight days of decline. Over the last five sessions, the domestic currency has depreciated by over 1%, having closed at 92.91 on April 17.
Anuj Choudhary, a Research Analyst at Mirae Asset ShareKhan, noted that heightened risk aversion in global markets and ongoing tensions regarding the Strait of Hormuz contributed to the rupee’s decline. “A strong dollar and a surge in crude oil prices weighed on the rupee,” he said, further stating that the USD-INR spot price is expected to trade in a range of ₹94 to ₹94.62.
The dollar index, which measures the US dollar’s strength against a basket of six currencies, increased by 0.02% to reach 98.62. Meanwhile, Brent crude, the global oil benchmark, surged by 2.21% to $107.39 per barrel in futures trading.
In domestic equity markets, the 30-share Sensex experienced a decline of 982.71 points, or 1.27%, closing at 76,681.29, while the Nifty lost 275.10 points, or 1.14%, ending at 23,897.95. Furthermore, Foreign Institutional Investors sold equities worth approximately ₹3,254.71 crore on Thursday, according to exchange data.
Published on April 24, 2026.
