Rupee Slides as Oil Prices Soar and US Dollar Strengthens

The Indian rupee depreciated against the US dollar on September 28, 2026, due to elevated global crude oil prices and foreign fund outflows. At the interbank foreign exchange market, the rupee opened at 95.89 against the American currency and lost further ground to touch 95.95 against USD.

Forex traders attributed the decline in the local unit to the strengthening greenback and the ongoing West Asia conflict. The dollar index traded at 101.11, up 0.15 percent, while Brent crude futures were higher by 2.31 percent at $106.81 per barrel.

Anil Kumar Bhansali, Head of Treasury and Executive Director, Finrex Treasury Advisors LLP, stated that the rupee is expected to remain in the range of 95.50 to 96.00 with the RBI continuing to hold the 96.00 level. However, Brent remaining firmly elevated above the $100 mark poses an underlying threat to India's import bill and foreign exchange reserves.