New Delhi, May 5 -- The rupee slipped to a fresh record low on Tuesday, 5 May 2026, amid escalating tensions between the United States and Iran in West Asia. After a weak opening, it fell to 95.43 against the US dollar, marking its lowest-ever level.

The decline comes alongside a surge in global crude oil prices, with Brent crude trading above $110 per barrel, putting additional pressure on the currency and weighing on market sentiment. India's external vulnerability remains closely tied to crude oil prices, given that it imports nearly 88% of its requirements, with about half sourced from the Middle East.

Though the depreciation of the domestic currency against the US dollar is often analysed in terms of macroeconomic indicators such a...