Rubio faces fierce Senate fire over Iran War, Taiwan Arms deal and Cuba policy
Rubio’s testimony, which coincided with a fresh round of Israel-Lebanon political talks at the State Department, offered few definitive answers on several key issues.
The rupee weakened by 32 paise to hit all-time record low of 95.20 against the US dollar in early trade on Thursday, April 30, amid a sharp rise in global crude oil prices due to tensions between the US and Iran.
The Indian currency reached to all-time low of 95.07 in early trade, and later slipped to an intraday low of 95.126 against the US dollar. It weakened further to around 95.20 during the session.
Advertisement
Forex traders are expected the USD/INR pair to see further downside, as rising crude oil prices are likely to sharply impact import costs of India, while concerns regarding wider conflict in West Asia are further fuelling investor anxiety.
Advertisement
On the other hand, the US dollar added to gains with the FED Reserve kept rates unchanged. Also, the safe-haven demand was boosted by another diplomatic setback between Washington and Tehran.
In 2026 so far, the Indian rupee has depreciated about 5.8 per cent. On Wednesday, it depreciated 20 paise to close at an all-time low of 94.88 against the US dollar.
Brent crude, the global oil benchmark, was trading 3.16 per cent higher at $121.76 per barrel in futures trade.
Crude oil prices have continued to surge, gaining from their highest close in nearly four years, while the US intensified pressure on Iran. As of now, the US has signalled not to ease its naval blockade and moved to seize tankers linked to Tehran. This has raised fears of prolonged supply disruptions.
Brent crude continues to hover around $120 per barrel after jumping over 6 per cent on Wednesday, reaching its highest level since June 2022.
The US West Texas Intermediate (WTI) traded above $107 and was last recorded at $110.28 per barrel – witnessing nearly 3 per cent growth.
US President Donald Trump recently announced that he will not lift the naval blockade of Iran’s ports until a nuclear deal is reached. On the other side, Iranian officials have shown no indication of stepping back.
The negative sentiment further reflected in the domestic equity markets. Both Sensex and Nifty declined by nearly 1 per cent in early trade.
While Sensex came down by 821.79 points to 76,674.57 in early trade, the Nifty dived 287.3 points to 23,890.35.
Advertisement
