Indian Rupee Falls Past 93 Against U.S. Dollar for First Time
MUMBAI — The Indian rupee weakened to a record low on Friday, crossing the 93 mark against the U.S. dollar for the first time as escalating tensions in the Middle East disrupted global supply chains and weighed on investor sentiment.
The currency fell 0.55 percent to 93.12, surpassing its previous record low of 92.63 set earlier in the week.
The rupee has declined nearly 2 percent since tensions in West Asia intensified, reflecting pressure from rising crude oil prices and broader global risk aversion.
Analysts said the USD/INR pair remains under upward pressure. “The USD/INR pair is trading above the 92.8 level, indicating continued pressure on the rupee amid elevated crude prices and global risk aversion,” said Ponmudi R, CEO of Enrich Money.
He added that a sustained move above 93.00 could reinforce bullish momentum for the dollar, with resistance seen in the 93.20–93.40 range, while support levels are near 92.70 and between 92.50 and 92.40.
Despite the currency weakness, domestic equity markets rebounded strongly. The BSE Sensex rose more than 900 points, or about 1 percent, while the Nifty 50 gained roughly 300 points, or 1.35 percent.
Foreign institutional investors remained net sellers, offloading equities worth Rs 7,558.19 crore on Thursday, according to exchange data.
Meanwhile, global oil prices declined after the United States signaled a possible easing of sanctions on Iranian crude, alongside efforts to secure shipping routes through the Strait of Hormuz.
Brent crude futures fell as much as 3.39 percent to an intraday low of $104.96 per barrel, while U.S. West Texas Intermediate crude dropped 3.22 percent to $92.47.
The decline followed comments by U.S. Treasury Secretary Scott Bessent, who indicated that Washington may consider easing restrictions on Iranian oil already at sea to help stabilize global prices.
Despite the pullback, oil prices remain sharply higher amid ongoing geopolitical tensions. As the West Asia conflict entered its 21st day, Brent crude has surged nearly 40 percent, rising from $77.74 on March 2 to $108.65 on March 19. (Source: IANS)
