2026.07.2403:56:53UTC+00Rupee Near Record Low on Oil, US Tariffs

The Indian rupee weakened to around 96.58 per dollar, hovering near record lows as a sharp jump in crude oil prices and fresh US tariff measures weighed on sentiment. Brent crude surged more than 7% to above $100 per barrel after Yemen’s Houthi forces attacked two Saudi oil tankers in the Red Sea, deepening supply concerns at a time when trade through the Strait of Hormuz remains severely disrupted. Mood in the market was further hit by Washington’s decision to impose new tariffs of 10% to 12.5% on imports from roughly 60 economies under a forced-labor investigation, including a 10% levy on Indian goods. The move stoked worries over global trade prospects, India’s export outlook, and the broader emerging-market asset class. Attention also stayed fixed on the Reserve Bank of India, with traders watching for additional intervention after state-run banks were reportedly seen selling dollars on the central bank’s behalf to curb volatility and prevent the rupee from breaking to fresh record lows.