The Indian rupee slumped to a record low of 96.9 against the United States dollar on Wednesday. The currency had opened at 96.8.

The Indian currency had closed at an all-time low of 96.5 against the US dollar on Tuesday. The slump has come amid elevated global oil prices and economic headwinds caused by the conflict in West Asia.

Wednesday marks the eighth consecutive trade session in ⁠which the rupee has lost its value. The Indian rupee has been the worst-performing Asian currency in 2026, with a 6% loss in its value ⁠since the conflict began on February 28.

The rupee’s value has also fallen because of capital outflows. Foreign institutional investors have withdrawn more than Rs 2 lakh crore from the Indian market in 2026.

This came against the backdrop of the benchmark Brent crude hovering at around $110 a barrel on Tuesday. The price was slightly down from Monday, but still up more than 50% since the conflict in West Asia began on February 28.

The price of Brent was $78 per barrel on February 27.

India imports 88% of its crude oil needs and about half of its natural gas requirement. This mostly comes through the Strait of Hormuz, which has been effectively blocked due to the conflict in West Asia.

The Indian stock market on Wednesday...

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