The Indian rupee fell to a record low on Wednesday as stalled U.S.-Iran peace talks kept oil prices elevated, driving global bond yields higher and hurting equities amid fears of further central bank rate hikes. The rupee slid to 96.96 per dollar, breaching its previous record low of 96.6150 hit in the prior session, and ended the day at 96.82. The currency has fallen over 6% since the Iran war began in late February. Global bond markets extended their selloff as investors increased bets that the Federal Reserve may need to raise interest rates further in 2026.
Oil prices eased but stayed near $110 a barrel after U.S. President Donald Trump said he may still strike Iran, a day after delaying an imminent attack to allow more talks with Tehran.
