Other Markets - Foreign Exchange
INR slumps back near record low levels driven by a major sell-off in IT stocks and rising global crude oil prices As on : 24-Apr-26  17:03

The Indian rupee extended its losing streak for the fifth day in a row, depreciating 22 paise to close at 94.23 (provisional) against the US dollar on Friday due to higher crude oil prices and strengthening American currency. Despite a ceasefire being in place between the United States and Iran, ship movement through the Strait of Hormuz remained uncertain, unsettling the global fuel prices, while the upheaval triggered a massive selling in domestic equity markets and outflow of foreign funds. President Donald Trump has also ordered the US military to shoot and kill small Iranian boats that deploy mines to choke traffic through the Strait of Hormuz. Indian shares slumped on Friday, with benchmark indexes Sensex and Nifty extending losses for a third day running, as U.S.-Iran peace talks showed little progress and the Strait of Hormuz remained effectively closed, sending oil prices soaring toward $107 a barrel. The Indian stock market closed sharply lower for the third consecutive session, with the Sensex falling 982.71 points (1.27%) to 76,681.29 and the Nifty dropping 275.10 points (1.14%) to 23,897.95, driven by a major sell-off in IT stocks and rising global crude oil prices.