Rupee Tumbles to New Low Amid Oil Rally and Fed Uncertainty

The Indian rupee hit an all-time low of Rs. 95.23 against the US dollar on April 30, as the USD/INR pair declined by 0.4% for the day.

This marked a fresh record low, eclipsing its previous low of Rs. 95.21 set in late March due to global and domestic headwinds.

The rupee has been volatile over the past week, trading between a high of Rs. 94.73 on April 29 and a low of Rs. 93.57 on April 22, before showing signs of stability earlier in the month.

However, these gains have now been largely erased, with the rupee weakening by 0.59% over the past month and depreciating sharply by 12.17% over the last 12 months.