Indian rupee weakened against the U.S. dollar on Friday amid rising crude oil prices and inflation concerns. The Brent crude prices have surged to trade above $108 a barrel amid heightened tension in West Asia after one ship was attacked and another seized in Strait of Hormuz. Further, investors were cautious as the closely watched summit between US President Donald Trump and Chinese President Xi Jinping ended without major economic breakthroughs. Meanwhile, the Reserve Bank data showed that India's forex reserves jumped by $6.295 billion to $696.988 billion during the week ended May 8, 2026. On the global front, the euro has weakened against the U.S. dollar on Friday amid rising expectations of faster-than-anticipated interest rate hikes by European Central Bank and concerns of weaker growth owed to Iran War.
Finally, the rupee ended at 95.81 (Provisional), weakened by 17 paise from its previous close of 95.64 on Thursday. The currency touched a high and low of 96.14 and 95.69 respectively.
