The Indian rupee closed at a record low of 94.8450 per US dollar on Wednesday, falling 0.3% as oil prices surged sharply on renewed Middle East tensions. Brent crude climbed to nearly $115 per barrel after diplomatic efforts to resolve the Iran conflict appeared to stall. That is a significant jump from recent levels and a direct pressure point for India, which imports roughly 85% of its oil needs. Higher crude prices push up India's import bill, widen the current account deficit, and tend to weaken the rupee further as more dollars flow out to pay for energy. The rupee's move to a fresh closing low signals that currency traders see the pressure as more than temporary. Investors will watch whether the Reserve Bank of India steps in to defend the rupee through dollar sales, and whether crude holds above $115 or retreats if diplomacy resumes. Any sustained oil spike will also feed through to domestic fuel and inflation data in the coming weeks.
Indian startups raised $5.2 billion across 501 deals in H1 2026, down 9% in value but up 7% in deal count year-on-year, per the Inc42 Indian Tech Startup Funding Report. The drop is driven by fewer mega-rounds, while AI funding surged 317% and growth-stage deal activity hit a multi-year high.
The BSE Sensex fell 893 points and the Nifty 50 shed 279 points on June 30, 2026, wiping out roughly Rs 6 lakh crore in investor wealth in a single session. Both indices dropped 1.16%, closing at 76,200.68 and 23,824.10 respectively.
Kotak Mahindra Bank shares fell nearly 3% to Rs 397.6 after CEO Ashok Vaswani announced plans to exit the bank. Investor concern now centres on succession timing and whether the bank's ongoing digital and deposit-growth strategy will stay on track.
South Korea's Kospi dropped 3% at Monday's open while Japan's Nikkei fell 1%, as escalating US-Iran conflict triggered a broad risk-off move across Asian markets. South Korea's heavy reliance on Middle East oil imports makes it especially vulnerable to geopolitical shocks of this kind.
