The Indian rupee slumped to a record low of 96.9 against the United States dollar on Wednesday. The currency had opened at 96.8.The Indian currency had closed at an all-time low of 96.5 against the US dollar on Tuesday. The slump has come amid elevated global oil prices and economic headwinds caused by the conflict in West Asia.Wednesday marks the eighth consecutive trade session in ⁠which the rupee has lost its value. The Indian rupee has been the worst-performing Asian currency in 2026, with a 6% loss in its value ⁠since the conflict began on February ​28.The rupee’s value has also fallen because of capital outflows. Foreign institutional investors have withdrawn more than Rs 2 lakh crore from the Indian market in 2026.This came against the backdrop of the benchmark Brent crude hovering at around $110 a barrel on Tuesday. The price was slightly down from Monday, but still up more than 50% since the conflict in West Asia began on February 28.The price of Brent was $78 per barrel on February 27.India imports 88% of its crude oil needs and about half of its natural gas requirement. This mostly comes through the Strait of Hormuz, which has been effectively blocked due to the conflict in West Asia.Stock marketsThe Indian stock market on Wednesday tanked nearly 0.8% at the open amid weak global cues, elevated crude oil prices and continued tensions in West Asia.The benchmark Sensex had fallen more than 456 points, or 0.6%, as of 9.30 am. The Nifty had fallen 138 points, or 0.5%.The India VIX index, which measures volatility in the market, spiked 3.5% on Wednesday.The stock market had recovered marginally in April after a steep fall in March.Major Asian stock indices had also fallen on Wednesday. Hong Kong’s Hang Seng index was down 0.7%, China’s Shanghai Composite 0.6%, Japan’s Nikkei 1.2% and South Korea’s Kospi slid 2.4%.Written by Sneha. Edited by Leah Thomas.