The Indian rupee fell against the US dollar on April 28, 2026, as rising crude oil prices and fresh demand for dollars from importers weighed on market sentiment.
The rupee opened weaker at 94.35 in the interbank foreign exchange market and later slipped to 94.39, down 24 paise from its previous close of 94.15.
Dealers said the biggest pressure came from higher global crude prices. Brent crude remained above $109 a barrel amid continued tensions in West Asia. Since India imports most of its crude oil needs, expensive oil often increases dollar demand and puts pressure on the rupee.
Apart from oil, month-end demand from importers also hurt the domestic currency. Companies that need to pay overseas suppliers typically buy dollars toward the end of the month, which can temporarily weaken the rupee.
A stronger US dollar overseas and weakness in several Asian currencies added to the pressure. Investors globally remained cautious due to geopolitical uncertainty and expectations around upcoming central bank policy decisions.
Traders said the rupee could have fallen further, but likely dollar-selling by state-run banks helped limit losses. Such interventions are often seen when volatility rises sharply in the currency market.
Meanwhile, Indian stock markets traded with mixed moves during the session, offering little support to the rupee. Foreign investor flows also remained closely watched, as sustained outflows can add pressure on the local currency.
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