Indian Rupee Plunges to ₹95.80, Dragging IT Stocks Down Even as Global Markets Rally

The Indian Rupee dropped to a record low of ₹95.80 against the US dollar recently, affecting IT stocks even as global markets showed strength.  

The decline in Rupee value comes at a time when IT stocks are struggling amid overall positive market indicators from global trends. 

Rupee at Historic Low 

On May 14, 2026, the Rupee plunged to a new low of ₹95.80 against the US dollar. This marks the currency's continued decline from ₹90 at the start of the year.  

Persistent foreign selling, coupled with high crude oil prices, continues to strain the currency. Crude oil prices are trading within ₹9,707 as geopolitical tensions remain high due to the ongoing US-Iran conflict. 

Impact on Stock Market Indices 

The Sensex, after closing at 74,608.98, opened at 74,947.12 and was trading higher by 300.73 points at 74,909.71. Meanwhile, the Nifty 50 advanced to 23,561.50, reflecting a gain amid optimism in global markets. 

Despite Wall Street hitting record highs driven primarily by tech giants, the Indian indices are experiencing volatility. Cipla emerged among the top gainers, surging by 7.01% to ₹1,420.70. 

Read More: Cipla Share Price Gains Over 2% on Q4 FY26 Earnings Results: FY26 Total Income up 2.2%! 

IT Stocks Experience Decline 

IT stocks saw a decline with HCL Technologies falling by 1.19% to ₹1,129.60 and TCS declining by 1.06% to ₹2,248.60. Tech Mahindra slipped by 1.01% to ₹1,361.10.  

The IT sector continues to face challenges despite the broader market's rise, partly due to negative currency impacts. 

Main Gainers in the Market 

Cipla not only led gains but Adani Enterprises also saw a notable rise of 3.13% to ₹2,576.10. Other stocks such as Bharti Airtel gained 1.34% to reach ₹1,813.20.  

Pharmaceuticals are faring better, benefiting from the Rupee depreciation as demand remains steady. 

Conclusion 

The Indian stock market is seeing mixed responses as the Rupee falls to record lows and IT stocks decline. Though global markets demonstrate strength, local factors such as oil prices and currency depreciation continue to challenge the Indian indices. Pharmaceutical stocks appear better positioned, leveraging export advantages arising from the weak Rupee. 

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