Rupee settles at record low of 95.73 against US dollar
Mumbai (PTI): The rupee weakened further and fell to a record low of 95.73 (provisional) against the US dollar on Thursday, amid a strong dollar and worries over inflation amid elevated energy prices.
Forex traders said the rupee is expected to trade with a negative bias amid inflation concerns and the strength of the US dollar in the overseas market.
The West Asia crisis and the blockade of the Strait of Hormuz have disrupted crude petroleum imports into India. Also, the sharp rise in crude prices has made fuel imports costlier.
The rupee has become the worst-performing currency in Asia for the year, registering a loss of over 6 per cent so far this year, as elevated crude oil prices, a strong dollar and concerns over the West Asia crisis weighed on investor sentiments, traders said.
At the interbank foreign exchange market, the rupee opened lower at 95.74 against the American currency.
In a volatile trade, the USD/INR pair witnessed an intra-day high of 95.61 and an all-time intraday low of 95.96 against the greenback before settling at 95.73 (provisional), down 7 paise from its previous close.
The rupee on Wednesday slipped to an all-time low of 95.80 against the US dollar, and settled at 95.66 against the greenback.
"We expect the rupee to trade with a negative bias amid inflation concerns and a strong dollar. Rising inflation in the US dimmed expectations of a rate cut by the Fed," said Anuj Choudhary, Research analyst at Mirae Asset ShareKhan.
Choudhary said geopolitical tensions between the US and Iran and foreign fund outflows may also pressurise the rupee.
However, any intervention by the RBI and import duty hike on gold and silver may support the rupee at lower levels. USD/INR spot price is expected to trade in a range of 95.50 to 96.10, Choudhary added.
Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading at 98.51, down 0.01 per cent.
Brent crude, the global oil benchmark, was trading higher by 0.50 per cent at USD 106.16 per barrel in futures trade.
On the domestic equity market front, Sensex jumped 789.74 points to settle at 75,398.72, while the Nifty climbed 277 points to 23,689.60.
Foreign Institutional Investors offloaded equities worth Rs 4,703.15 crore on Wednesday, according to exchange data.
On the domestic macroeconomic front, wholesale price inflation shot up to a 42-month high of 8.3 per cent in April on the back of a spike in energy prices that followed the disruptions caused by the West Asia conflict.
Wholesale price index (WPI) inflation was 3.88 per cent in March, while it was 0.85 per cent in April last year.
"Positive rate of inflation in April 2026 is primarily due to an increase in prices of mineral oils, crude petroleum & natural gas, basic metals, other manufacturing and non-food articles, etc," data released by the commerce and industry ministry showed.
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2 days' WFH for govt offices, Metro use by ministers: Delhi CM's call for fuel conservation
New Delhi (PTI): Delhi Chief Minister Rekha Gupta on Thursday announced a slew of measures including two days of 'work from home' (WFH) for government offices, use of Metro trains on Mondays by ministers and officers, and a voluntary 'no-vehicle day' every week.
Gupta said in a press conference attended by her Cabinet colleagues that the government has drawn an extensive plan under "Mera Bharat, Mera Yogdan" to implement the appeal of Prime Minister Narendra Modi for saving fuel and wise expenditure.
She said all Delhi government offices will follow WFH two days a week. The private sector will also be requested to follow it, she said.
Gupta said all ministers, officers and she herself will use Metro for commuting on Mondays while people will be requested to observe 'no-vehicle day' every week.
The government has also decided to cancel all official foreign visits by ministers for one year while no big events will be hosted by it for the next three months, she said.
The chief minister said petrol and diesel quotas of the Delhi government officers have also been slashed by 20 per cent.
Earlier, Gupta headed a meeting with all her Cabinet ministers and senior officers of the government to discuss ways to save fuel and other resources amid global uncertainty over crude oil and gas supplies.
The chief minister has also cut down on her carcade by 60 per cent, following Prime Minister Narendra Modi's appeal to people to spend wisely and save fuel in view of the war in West Asia.
The chief minister's convoy now has only four vehicles, including two EVs.
