The rupee extended its losing streak for the fifth day in a row, depreciating 22 paise to close at 94.23 (provisional) against the U.S. dollar on Friday (April 24, 2026) due to higher crude oil prices and strengthening American currency, with prospects of West Asia peace talks hanging in the balance.

Despite a ceasefire being in place between the United States and Iran, ship movement through the Strait of Hormuz remained uncertain, unsettling the global fuel prices, while the upheaval triggered a massive selling in domestic equity markets and outflow of foreign funds, forex analysts said.

President Donald Trump has also ordered the U.S military to “shoot and kill” small Iranian boats that deploy mines to choke traffic through the Strait of Hormuz..