Rupee Begins Trading Lower at 92.66 to the U.S. Dollar Due To Rising Crude Prices And Ceasefire Uncertainty

The Indian rupee was down by 8 paise and was trading at 92.66 to a U.S. dollar in India on April 9, 2026, owing to rising prices of crude oil globally and the uncertainty surrounding the ceasefire agreement between Iran and the U.S.

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At the interbank foreign exchange market, the domestic currency weakened from its previous close as concerns over disruptions in oil supply through the Strait of Hormuz resurfaced.

Crude Oil Prices Edge Higher

Global crude oil prices moved higher on April 9. Brent crude futures for July delivery rose over 2% to $96.76 per barrel after falling 13.2% in the previous session, as per Reuters data. The earlier decline had followed optimism around a ceasefire between the U.S. and Iran that could allow oil shipments to resume.

But a new level of uncertainty about whether the ceasefire will be extended further has left traders wary. Stories about further strike action in Lebanon and comments from Iranian government figures have contributed to fears about the longevity of the ceasefire.

Shipping firms also wanted to know more about the ceasefire arrangements before traveling through the Strait of Hormuz again, Reuters reported.

Domestic Factors In Focus

The Reserve Bank of India kept the repo rate unchanged at 5.25% in its April 8 policy decision, as announced by RBI Governor Sanjay Malhotra. The central bank projected GDP growth at 6.9% and inflation at 4.6% for FY27, according to RBI data. India’s foreign exchange reserves stood at $697.1 billion, as per the RBI’s latest release.

Equity Market Movement

On April 9, benchmark indices traded higher in early deals. The Sensex rose 2,527.47 points, or 3.39%, to 77,144.05, while the Nifty gained 767.25 points, or 3.32%, to 23,890.90.

Foreign institutional investors had sold equities worth ₹8,692.11 crore in the previous session, according to exchange data.

Other Developments

Developments around trade agreements also remain in focus. The India-New Zealand Free Trade Agreement is anticipated to be announced by India on April 24th, based on updates released by the Indian government.

The rupee continues to follow the trend of changes occurring in oil prices, as well as other political and economic events around the world.