India rupee hits 96 per dollar

The Indian rupee fell to a record low on Friday, breaking past 96 to the U.S. dollar as higher crude prices and a wider trade gap added pressure on India’s external accounts. Market reports showed the currency touched about 96.05 in intraday trade, beyond the previous low of 95.9575 set a day earlier. The move came as India confronted a larger April merchandise trade deficit and as the government raised import duties on gold and silver this week. The Reserve Bank of India’s website showed the official USD/INR exchange rate at 95.7529 on its home page, underscoring the gap between the reference rate and Friday’s market levels. ### How far did the rupee fall on May 15? Friday’s move took the rupee to roughly 96.05 per dollar in the spot market, according to multiple market reports. The drop eclipsed the prior record low of 95.9575 reached in the previous session, those reports said. The Reserve Bank of India’s website listed USD/INR at 95.7529, but that figure was the central bank’s published exchange rate on its home page rather than a live intraday quote. (thehindubusinessline.com) That left the market trading level below the official reference point seen on the RBI site. ### What pushed the currency through 96? Brent crude near $109 to $110 a barrel was one immediate pressure point cited in market coverage on Friday. (thehindubusinessline.com) India imports more than 80% of its crude oil needs, making oil spikes a direct risk to the import bill and the current account. India’s April merchandise trade deficit widened to $28.38 billion, according to trade data reported Friday. (rbi.org.in) Imports rose to $71.94 billion and exports were $43.56 billion, Commerce Secretary Rajesh Agrawal said, figures that traders and local market reports linked to pressure on the rupee. Reuters polling cited by Economic Times had expected a smaller $26.5 billion deficit. (newindianexpress.com) ### Why did New Delhi raise gold and silver import duties this week? The Indian government raised the effective import duty on gold and silver to 15% from 6%, with the change taking effect on May 13, according to reports citing the new customs structure. Gold is one of India’s large import items, and higher duties are intended to make imports costlier. (economictimes.indiatimes.com) Reports on the duty change said officials were trying to curb precious-metals imports and ease pressure on foreign-exchange reserves and the rupee. That rationale was described in local coverage; the government notifications themselves were not fully accessible through searchable text in this session. ### How unusual has the rupee’s 2026 move been? (moneycontrol.com) Local market reports described the rupee as one of the weakest emerging-market or Asian currencies this year. The slide to 96 followed months of pressure tied to oil, shipping disruption and India’s import bill, according to those reports. A BMI report carried earlier this month said the rupee was likely to trade around 95 by the end of 2026, from about 95.20 at the time, because the Iran conflict was expected to weigh on the currency. (firstpost.com) Friday’s move pushed the rupee beyond that level already. ### What will traders watch next? The Reserve Bank of India will be watched for signs of intervention in the spot and forward markets, though the central bank does not routinely announce such action in real time. (newindianexpress.com) Traders will also watch the next published RBI reference rate to see whether Friday’s market weakness carries into official pricing. Upcoming trade and reserve data will offer the next official read on the pressure points behind the currency move. (theweek.in) The Department of Commerce publishes monthly trade figures, and the RBI updates exchange-rate and reserve data on its public data pages. (trade-analytics.commerce.gov.in) (rbi.org.in)