The rupee depreciated by 45 paise against the U.S. dollar. File
| Photo Credit: AP
The rupee depreciated 45 paise to 94.67 against the U.S. dollar in early trade on Friday (May 8, 2026), as Brent crude prices rose back to $101.00 per barrel after U.S. and Iranian forces exchanged fire near the Strait of Hormuz.
Forex traders said investor sentiments were affected after Iran accused the U.S. of violating the ceasefire as the U.S. carried out retaliatory strikes with new attacks, which took place in the Strait of Hormuz and civilian areas, while President Donald Trump said the ceasefire was still in effect.
Brent oil prices, which had fallen to $98 per barrel amid the U.S.-Iran peace deal, edged higher to $101 per barrel as investors weighed the prospects for a West Asia peace deal.
At the interbank foreign exchange market, the rupee opened at 94.58 against the U.S. dollar, then lost momentum and touched 94.67 against the American currency, registering a fall of 45 paise over its previous close.
On Thursday (May 7, 2026), the rupee pared initial losses and settled the day on a positive note, up 27 paise at 94.22 against the greenback.
“Brent oil prices moved higher by more than 2% in Asian trade on Friday (May 8, 2026) after U.S. and Iranian forces exchanged fire near the Strait of Hormuz despite President Trump insisting that the month-old ceasefire remained in effect,” said Anil Kumar Bhansali, Head of Treasury and Executive Director Finrex Treasury Advisors LLP.
Mr. Bhansali further added that the rise in oil prices took USD/INR higher towards 94.43 this morning in Asian trading, and the dollar index also moved higher towards 98.22 while Asian currencies were a tad weaker.
Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading at 98.20, up 0.14%.
Brent crude, the global oil benchmark, was trading higher by 1.08% at $101.14 per barrel in futures trade.
Foreign Institutional Investors offloaded equities worth ₹340.89 crore on Thursday (May 7, 2026), according to exchange data.
Published – May 08, 2026 10:20 am IST


