Indian rupee weakened against the U.S. dollar on Friday as tension in West Asia re-emerged after United States and Iran exchanged fire in the Strait of Hormuz amid fragile cease fire. The heightened tensions have drove the Brent crude oil prices above $100 a barrel mark which also weighed on rupee. Further, foreign institutional investors (FIIs) continued to pull out funds from Indian markets. FIIs were the net sellers of equities worth Rs 340.89 crore on May 7, 2026. Meanwhile, Ministry of External Affairs (MEA) has said that Foreign Secretary Vikram Misri has paid an official visit to the United Arab Emirates (UAE) on May 7, 2026, where he held meeting with UAE Minister of State for International Cooperation Reem Al Hashimy in Abu Dhabi and exchanged views on the prevailing situation in the West Asia region and other regional and global issues of mutual interest. On the global front, the euro has strengthened against the U.S. dollar on Friday, to trade above $1.17, as investors turned more hawkish on the European Central Bank’s policy outlook amid renewed inflation concerns.
Finally, the rupee ended at 94.46 (Provisional), weakened by 24 paise from its previous close of 94.22 on Thursday. The currency touched a high and low of 94.68 and 94.34 respectively.
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