Indian Rupee Steadies Near Record Low

2026-03-25 05:59 By Erika Ordonez 1 min. read

The Indian rupee hovered just below 94 per dollar, steadying near record low levels, as oil prices pulled back on reports of a US ceasefire proposal to Iran.

The move lifted risk sentiment around the Middle East conflict and tempered safe-haven demand for the dollar.

However, gains remained limited as persistent foreign portfolio outflows and upcoming non-deliverable forward (NDF) and fiscal-year-end maturities continued to generate strong dollar demand.

India’s reliance on oil imports, along with lingering concerns over damaged Gulf energy infrastructure, kept underlying pressures elevated, while Reserve Bank of India intervention after earlier support of $16–18 billion left the rupee more exposed to external shocks.

Investors continue to watch crude price swings, foreign flows, and geopolitical developments.

The market is closed today for Ram Navami and is set to reopen tomorrow, Friday.



News Stream
Indian Rupee Hits 26-week High
The Indian Rupee touched 94.06 against the USD, the highest since May 2026. Over the past 4 weeks, US Dollar Indian Rupee lost 2.81%, and in the last 12 months, it increased 6.12%.
2026-11-06
Rupee Extends Gains to Over 6-Month High
The Indian rupee strengthened to around 93.7 per dollar, reaching its highest level since April as renewed foreign investment and a sharp decline in crude oil prices eased pressure on the currency. Foreign investors have stepped up purchases of Indian equities amid growing interest in diversifying away from technology-heavy markets, potentially providing a renewed source of support for the rupee. Brent crude fell roughly 17% last week, recording its steepest weekly drop since April 2020, amid easing US-Iran tensions, reducing oil-related import costs and domestic dollar demand. At the same time, the Reserve Bank of India’s special foreign exchange window for state-owned oil refiners has helped contain spot-market dollar demand. However, declining foreign exchange reserves and substantial forward dollar liabilities highlight the limitations of sustained RBI intervention in addressing India’s underlying external vulnerabilities.
2026-11-05
Rupee Rebounds on RBI Support
The Indian rupee strengthened to around 94.5 per dollar, extending its recovery as the Reserve Bank of India's measures to manage foreign exchange demand and ease pressure on the currency provided support. The central bank's special foreign exchange window for state-owned oil refiners has helped limit their reliance on spot-market dollar purchases, while its FCNR(B) deposit scheme has mobilized additional foreign currency inflows. Additionally, easing crude oil prices amid hopes for a resolution to the US-Iran conflict offered some relief to India's import bill, although Middle Eastern supply risks continue to keep energy costs elevated. India could also attract foreign portfolio inflows as investors diversify away from technology-heavy markets amid concerns over AI spending and valuations. However, persistent foreign investor outflows and India's heavy reliance on imported energy remain key risks to a sustained recovery.
2026-11-02