The Indian rupee that declined to a record low of 56.39 against the U.S. dollar in late morning deals on Thursday recovered slightly in early afternoon trading. At present, the rupee is worth 56.14 per dollar.
The rupee hit a new all-time low today despite the country's state-owned oil marketing companies (OMCs) hiked gasoline/petrol prices steeply on Wednesday.
Gasoline prices were hiked by 6.28 rupees per litre excluding value added tax/sales tax, the Indian Oil Corporation said in a statement.
The latest hike is the biggest ever and took analysts by surprise as a 5 rupees increase was widely expected. India deregulated gasoline prices since June 2010. The previous revision was in December 2011.
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Forex News
June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.