Mumbai, May 19: The Indian rupee slipped to a historic intraday low of 96.60 against the US dollar on Tuesday before closing at 96.52 (provisional), marking its weakest level ever. Rising crude oil prices drove the slide, sustained foreign capital outflows, and a strong dollar supported by global risk-averse sentiment.

The rupee has emerged as Asia’s worst-performing currency in 2026, falling 1.5% in May alone and losing more than 7% since the start of the year. Forex market participants said the currency remains under pressure from escalating crude oil costs and geopolitical tensions, including concerns over the closure of the Strait of Hormuz.