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Rupee Plunges Amid Crude Price Rise and Dollar Demand

Guavy AI Editorial Team Published August 18, 2026

Instruments

Oil

The Indian rupee opened at 95.68 against the US dollar on Tuesday, down 7 paise from its previous close.

This decline is attributed to elevated crude oil prices and persistent demand for the greenback, according to forex traders.

Brent crude has reached near USD 91 per barrel, increasing oil-related dollar demand.

The Reserve Bank's earlier-than-expected closure of the concessional FCN (B) forex-swap facility also raised concerns over future dollar inflows.

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