The Indian rupee has hit a new low of 93 per US Dollar for the very first time on Friday, March 20, 2026. The domestic currency has been impacted by rising crude oil prices and risk aversion. During early trade sessions, the rupee opened at 92.92 against the US Dollar on the interbank foreign exchange market; however, it later dipped to 93.08, down by 19 paise from the closing of the previous day.
This latest dip in the rupee is more than its previous low of 92.63 on March 18, 2026. Disruptions in global oil supplies owing to tensions in the Middle East have affected the currency market. Concerns prevail over India’s growth-inflation balance.
The price of crude oil rose to nearly $120 per barrel on March 19, 2026, as attacks were carried out on essential oil and energy installations in the Gulf region. These installations are of critical importance to the oil-importing nations of India, as the price of crude oil has a significant impact on them. The price of Brent crude oil dropped to nearly $107 per barrel on Friday, 20 March 2026.
In March 2026, foreign investors withdrew over $8 billion from Indian equities, which became the largest monthly outflow since January 2025. Foreign institutional investors executed net share sales of Rs. 7,558 crore on Thursday, creating additional currency market volatility.
Also Read: Stock Market Today: Sensex Down 963 Points, Nifty Hits 23,305; Rupee at Record Low as Oil Tops $100
Market experts predict that the rupee value will decline in the upcoming period because of ongoing global economic instability. The CEO of Enrich Money Ponmudi R explained that the USD/INR pair trading at 93 shows the rupee continues to weaken because the technical system remains bullish.
He stated that the trading pair requires 93.20 to 93.40 as its upward level, while 92.70 serves as immediate support, which leads to the 92.50 to 92.40 range. The domestic market remained strong as the Sensex went up by 960 points, and the Nifty index went up by over 300 points, which helped ease the negative sentiments of investors on the entire market.
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