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The rupee hit an all-time low of Rs 95.20 against the US dollar on Thursday, April 30, amid stalemate in the US-Ira peace talks. 

As per experts, the INR/USD rate may weaken further as a result of inflation linked concerns triggered by the surging crude oil prices, and Trump's rejection of Iran's peace proposal.  

Meanwhile, the US dollar rallied after the US Federal Reserve FOMC led by Jerome Powell kept key interest rates unchanged. On the other hand, safe-haven demand for the greenback was further buoyed by new diplomatic tensions between the US and Iran.

At the interbank foreign exchange market, the rupee opened at 95.01 per dollar before slipping further to a record low of 95.20, marking a decline of 32 paise from its previous close.

On Wednesday, the rupee had weakened by 20 paise to close at a previous-record low of 94.88 against the US dollar.

Meanwhile, the dollar index, which measures the greenback against a basket of six major currencies, was trading marginally higher by 0.01% at 98.96.

Brent crude, the global oil benchmark, rose 3.16% to $121.76 per barrel in futures trade.

Currently, the Strait of Hormuz remains effectively closed since the conflict began at the end of February, impacting the flow of crude oil, natural gas and refined petroleum products, especially to Asian countries such as India.

On Thursday, the Nifty 50 declined 0.75% to 23,996.95, Sensex fell 0.62% to 77,014.21 level.