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Rupee hits record low as oil spikes from US Iran standoff
Economy
Published on 14 May 2026
Crude surged while the Strait of Hormuz stayed frozen
The Indian rupee slid to its weakest closing level on record, dropping nearly 0.9% to 95.31 per dollar as crude prices surged amid a US Iran standoff. Brent rose 2.5% to $103.8 per barrel after President Trump rejected Iran’s response, keeping the Strait of Hormuz, which carries about a fifth of global oil and LNG flows, effectively paralysed. Indian equities fell 1.5% and government bond yields rose. Analysts warned stronger oil can widen the current account deficit and strain FX buffers.
- Rupee fell nearly 0.9% to 95.31 per dollar
- Biggest single-day drop since March 27
- Brent crude climbed 2.5% to $103.8 a barrel
- Strait of Hormuz bottleneck affects about a fifth of global oil and LNG
- India’s 10-year yield jumped 6 basis points as bonds slid
- Forex reserves were $690.69bn on May 1, down from $728bn in February
Read the full story at The Economic Times
This summarization was done by Beige for a story published on 
The Economic Times