Indian rupee weakens to 95.55 amid rising crude oil prices and Strait of Hormuz tensions

ET BureauLast Updated: Sep 12, 2026, 08:15:00 AM IST

Synopsis

The Indian rupee fell by eleven paise on Friday, closing at 95.55 against the dollar as benchmark crude oil prices rose to $105 per barrel, fueling global uncertainties. The rupee faced mounting pressure from external factors during the week, with a notable demand for dollars from oil companies and dollar sales from state-run banks. It appears that the Reserve Bank of India stepped in to mitigate further currency depreciation.

Mumbai: The Indian rupee was 11 paise weaker on Friday as benchmark crude oil prices climbed to $105 per barrel amid fresh tensions in the Strait of Hormuz. The rupee closed at 95.55, versus its previous close of 95.44, with the Reserve Bank of India likely selling dollars to contain excess weakness in the currency, traders said.

The local unit traded at an intraday low of 95.80. The rupee has come under pressure from global factors this week, giving up much of the rally that had taken it to a two-month high-near 94.30 per dollar-earlier this month.

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"There was a lot of dollar demand from oil companies, while state-run banks were spotted selling dollars at 95.80 levels," said Anil Bhansali, head of treasury at Finrex.

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