USD/INR: Rupee Touched All-Time Low of 92.94 Against US Dollar

The Indian rupee slumped to a historic low of 92.94 against the US dollar on Friday (March 20), weakening by more than 30 paise from its previous close of 92.63. The currency remains under sustained pressure due to rising crude oil prices, persistent foreign capital outflows, and continued strength in the US dollar.

Rupee Dragged ~2.63% in 2026 

This decline comes after the rupee had already touched a record low in the previous session, highlighting the accelerating pace of depreciation amid heightened geopolitical tensions linked to the Iran conflict. So far in 2026, the rupee has depreciated by 2.63%, including a sharp 1.8% fall since the onset of the conflict, underscoring the impact of external headwinds.

Why is the Rupee Falling?

The following are the key factors dragging the rupee down:

• Oil price surge: Brent crude has jumped ~40% since the Iran conflict began, significantly increasing India’s import burden
• Rising dollar demand: Higher import costs are driving stronger demand for the US dollar
• Foreign fund outflows: Continued selling by overseas investors is weighing on the currency
• Stronger dollar globally: Risk aversion in global markets is boosting the greenback

Also Read: Oil Prices Drop 2% as U.S. Weighs Easing Iran Sanctions

The Reserve Bank of India (RBI) is estimated to have sold over $15 billion in March in an effort to stabilise the currency. Such interventions typically intensify toward the end of the financial year, suggesting the possibility of near-term support for the rupee.

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