Two Much! Dollar demand, rising oil push rupee to new closing low

April 30, 2026

The Indian rupee hit a record closing low of 94.85 against the US dollar on Wednesday. High oil prices and consistent dollar demand pressured the currency. The Reserve Bank of India intervened to support the rupee. Analysts expect continued volatility driven by crude oil prices and capital flows. The rupee is facing selling pressure at stronger levels.

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