The Indian rupee came under pressure on April 28, 2026, slipping 24 paise to 94.39 against the US dollar, as higher oil prices and cautious global sentiment weighed on the domestic currency.
The rupee opened weaker at 94.35, compared with the previous close of 94.15, and extended losses during early trade.
Currency dealers said the sharp rise in crude oil prices was the main reason behind the fall. Brent crude traded above $109 per barrel as tensions in West Asia continued to keep energy markets on edge. For India, which depends heavily on imported oil, higher crude prices usually mean more demand for dollars to pay import bills, putting pressure on the rupee.
There was also regular month-end dollar buying from importers and oil companies. Businesses that make overseas payments often purchase dollars near the end of the month, and that added to the rupee’s weakness.
Global factors also played a role. The US dollar remained firm, while several Asian currencies traded lower as investors stayed cautious amid geopolitical tensions and uncertainty over interest rate decisions by major central banks.
Traders said the rupee’s losses were partly contained by likely intervention from state-run banks, which are often seen selling dollars when volatility rises sharply. This helped prevent a steeper decline in the domestic unit.
Meanwhile, Indian equity markets remained volatile during the session, giving little immediate support to the rupee. Foreign investment flows were also in focus, as continued outflows can weigh on the currency.
Also Read: Sensex rebounds by 250 points, Nifty reclaims 24,050