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Rupee closed lower at 94.4700 per Dollar on Friday (24 April 2026), versus its previous close of 94.0925 per Dollar.

The Indian rupee extended its losing streak for the fifth day in a row, depreciating 22 paise to close at 94.23 (provisional) against the US dollar on Friday due to higher crude oil prices and strengthening American currency. Despite a ceasefire being in place between the United States and Iran, ship movement through the Strait of Hormuz remained uncertain, unsettling the global fuel prices, while the upheaval triggered a massive selling in domestic equity markets and outflow of foreign funds. President Donald Trump has also ordered the US military to shoot and kill small Iranian boats that deploy mines to choke traffic through the Strait of Hormuz. Indian shares slumped on Friday, with benchmark indexes Sensex and Nifty extending losses for a third day running, as U.S.-Iran peace talks showed little progress and the Strait of Hormuz remained effectively closed, sending oil prices soaring toward $107 a barrel. The Indian stock market closed sharply lower for the third consecutive session, with the Sensex falling 982.71 points (1.27%) to 76,681.29 and the Nifty dropping 275.10 points (1.14%) to 23,897.95, driven by a major sell-off in IT stocks and rising global crude oil prices.

The Reserve Bank of India (RBI) net purchased USD 7.409 billion from the spot currency market in February, according to the central bank`s monthly bulletin released on Thursday. On a gross basis, the central bank purchased USD 21.403 billion in February and sold USD 13.994 billion, as per the bulletin. This is the second consecutive month of net purchase of foreign currency by the central bank after registering net sales for seven consecutive months before that. In January, the central bank bought USD 2.526 billion, according to the RBI`s monthly bulletin data.

Reserve Bank of India (RBI) stated in its latest monthly bulletin that Indian rupee faces continued headwinds from a relatively strong dollar, uncertainty about the quantum and composition of capital inflows, and rising import costs. Escalation of geopolitical tensions triggering broader risk aversion in EME asset markets, or a more aggressive tightening by major central banks than currently anticipated, could exert renewed depreciation pressure. In a scenario where the INR depreciates by 5 per cent over the baseline, inflation could be higher by around 40 bps, while GDP growth may benefit by around 25 bps through the export channel in the short term, under normal macroeconomic conditions. In contrast, an appreciation of INR by 5 per cent relative to the baseline would moderate both inflation and GDP growth by around 40 bps and 25 bps, respectively.

Indian Rupee stayed weak today, adding to recent losses. The Indian rupee extended its losing streak for the fifth consecutive session amid sustained weakness in local equities. INR lost 28 paise on the day at 94.29 per US dollar. Sentiments are turning weak after recent gains after the INR breached the 94-level amid soaring crude oil prices as West Asia peace talks moved to an uncertain trajectory. Indian shares are extending losses with rising crude oil prices amid stalled US-Iran peace talks, and rupee weakness linked to the RBI`s partial rollback of earlier curbs on derivative trades weighing on markets. NIFTY50 index tested one and half week low. On NSE, USD/INR futures are quoting at 94.26, up 0.19% on the day. Meanwhile, the US dollar index is holding around 98.70, extending show of strength.