Indian Rupee Hits Record Low Against US Dollar

HYDERABAD, April 30 (Bernama) -- The Indian rupee fell to a fresh record low against the United States (US) dollar on Thursday, as foreign fund outflows and rising global crude oil prices weighed on the currency.

With the Iran–US conflict unresolved, geopolitical risks have continued to pressure the rupee. 

The currency, which closed at 94.88 against the US dollar on Wednesday, weakened further to 95.25 in Thursday's trading.

India, the world's third-largest energy consumer, is staring at higher import costs as the price of benchmark Brent crude hit a four-year high on Thursday, going past US$126 per barrel.

Energy shipping has been disrupted in the Strait of Hormuz since the US and Israel strikes on Iran on February 28.

US President Donald Trump's naval blockade and military threats have further raised concerns over oil supply.

-- BERNAMA