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The Indian rupee fell 21 paise to 94.95 against the US dollar on Wednesday, September 9, 2026. Rising crude prices and escalating US-Iran tensions pressured the rupee during early trading in Mumbai.
The currency opened at 94.80 before touching 94.95 in the interbank foreign exchange market. Tuesday's session ended at 94.74, marking an 18-paise decline against the American currency.
Brent crude climbed 1.41% to USD 99.30 per barrel as tensions raised supply disruption concerns. The Strait of Hormuz remains a major concern for markets tracking global oil supply routes. Anuj Choudhary, research analyst at Mirae Asset Sharekhan, highlighted the pressure on crude prices. "Indian rupee opened lower on escalating geopolitical tensions and surge in crude oil prices," Choudhary said.
The analyst expects USD-INR to remain under pressure while crude prices continue moving higher. He expects the USD-INR spot rate to trade between Rs. 94.70 and Rs. 95.15. A weaker dollar could provide some relief if global risk sentiment remains fragile.
The dollar index slipped 0.03% to 98.76, offering limited support for the rupee.
Indian equities also opened sharply lower as investors reacted to rising oil and geopolitical risks. The Sensex dropped 500.25 points, while the Nifty declined 129.40 points during early trading.
Higher crude prices could increase India's import bill and intensify inflation concerns. Investors now await inflation data from India and the US for fresh monetary policy signals. Persistent oil pressure could keep the rupee, equities, and broader markets volatile in coming sessions.
Also Read: Indian Rupee Jumps 37 Paise to Rs. 94.30 Against US Dollar as Brent Crude Slips Below $73
