The Indian rupee weakened to a record low of 95.55 against the US dollar, driven by a fresh rise in global oil prices. The increase in oil prices is linked to the fraying ceasefire between the US and Iran, which has heightened geopolitical tensions. As India is a major oil importer, the surge in crude prices exerts pressure on the rupee, impacting import costs and the broader forex market. This development underscores the sensitivity of the Indian currency to international geopolitical events and commodity price fluctuations. Fraying US-Iran ceasefire triggers fresh rise in oil prices. The update was published on 12 May 2026, 9:22 am.