Rupee Drops 49 Paise To 93.32 Against Dollar Amid Rising Oil Prices And West Asia Tensions

The Indian rupee declined 49 paise to 93.32 against the U.S. dollar in early trade on April 13, weighed down by a surge in crude oil prices and a stronger dollar amid escalating geopolitical tensions, according to forex market data.

Invest in Indian Markets and Unlock Future Potential With 5paisa!

Open Account Now

At the interbank foreign exchange market, the rupee opened at 93.30 and weakened further to 93.32 against the dollar, compared with its previous close of 92.83 on April 11.

Oil Prices And Dollar Strength Impact Currency

Brent crude futures rose 7.28% to $102.13 per barrel, driven by developments in West Asia, according to Reuters. The increase followed the U.S. decision to impose a naval blockade on Iranian ports, which has raised concerns over global oil supply.

The dollar index, which tracks the U.S. currency against a basket of six major currencies, was up 0.38% at 98.81, reflecting broader strength in the greenback.

Equity Market Decline Adds Pressure

Domestic equity markets declined sharply in early trade. The Sensex fell 1,600.73 points or 2.06% to 75,949.52, while the Nifty dropped 468.85 points or 1.95% to 23,581.75.

Foreign institutional investors were net buyers of ₹672.09 crore in equities on April 11, according to exchange data.

Forex Reserves Increase

India’s foreign exchange reserves rose by $9.063 billion to $697.121 billion in the week ended April 3, 2026, according to data released by the Reserve Bank of India. In the previous week, which ended March 27, reserves had declined by $10.288 billion to $688.058 billion.

Growth Outlook And External Risks

The Asian Development Bank, in its Asian Development Outlook April 2026 report, projected India’s GDP growth at 6.9% for the current financial year and 7.3% for the next.

According to the international institution, protracted fighting in the West Asia region could affect the macroeconomic environment in India due to rising energy prices, disrupted trade, and lower remittances.

India’s currency fluctuation continues to be very much dependent on global commodity prices as well as geopolitical events, which include crude oil price changes.