Rupee closes above 94 mark to the dollar for first time, falls 50 paise
The Indian currency ended 50 paise lower at 94.03 to the US dollar against Friday's close of 93.53.
- Mar 23, 2026,
- Updated Mar 23, 2026 5:17 PM IST
The Indian rupee closed at an all-time low on Monday as the war in West Asia stoked inflationary concerns with brent crude above $100 per barrel. Subsequently, equity markets across the globe crashed after President Donald Trump escalated his administration’s military posture on Saturday, issuing a 48-hour ultimatum to Tehran to "fully open" the Strait of Hormuz.
The currency ended 50 paise lower at 94.03 to the US dollar against Friday's close of 93.53. The Indian currency also hit an all-time low of 94.04 to the US dollar in the trading session today.
Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities said, "In the near term, the rupee is expected to trade within a weak range of 93.25–94.25, with sentiment likely to remain negative until any meaningful de-escalation emerges."
Ambit Capital said it expects the rupee to depreciate by 6.5-7.5% in the next one year.
"As we expect current account deficit (CAD) to widen and capital account data to remain volatile, past data shows that oil at $90-110/bbl can cause the rupee to depreciate by 6-7.5%. This is because, with oil prices staying high longer, USD/INR can end at 97.5 to 98.9 in the absence of other positive triggers," said the brokerage.
Meanwhile, brent crude, the global oil benchmark, slipped 7.29% at $98.69 per barrel in futures trade after US President Donald Trump said the United States and Iran have held “very good and productive” talks over the past two days and announced a five-day pause on planned military strikes, signalling a possible de-escalation in the ongoing conflict.
On the stock market front, Sensex crashed 1836 points to 72,696, while Nifty lost 601 points to 22,512. Foreign institutional investors sold equities worth Rs 5339.62 crore on a net basis on Friday, according to exchange data.
The Indian rupee closed at an all-time low on Monday as the war in West Asia stoked inflationary concerns with brent crude above $100 per barrel. Subsequently, equity markets across the globe crashed after President Donald Trump escalated his administration’s military posture on Saturday, issuing a 48-hour ultimatum to Tehran to "fully open" the Strait of Hormuz.
The currency ended 50 paise lower at 94.03 to the US dollar against Friday's close of 93.53. The Indian currency also hit an all-time low of 94.04 to the US dollar in the trading session today.
Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities said, "In the near term, the rupee is expected to trade within a weak range of 93.25–94.25, with sentiment likely to remain negative until any meaningful de-escalation emerges."
Ambit Capital said it expects the rupee to depreciate by 6.5-7.5% in the next one year.
"As we expect current account deficit (CAD) to widen and capital account data to remain volatile, past data shows that oil at $90-110/bbl can cause the rupee to depreciate by 6-7.5%. This is because, with oil prices staying high longer, USD/INR can end at 97.5 to 98.9 in the absence of other positive triggers," said the brokerage.
Meanwhile, brent crude, the global oil benchmark, slipped 7.29% at $98.69 per barrel in futures trade after US President Donald Trump said the United States and Iran have held “very good and productive” talks over the past two days and announced a five-day pause on planned military strikes, signalling a possible de-escalation in the ongoing conflict.
On the stock market front, Sensex crashed 1836 points to 72,696, while Nifty lost 601 points to 22,512. Foreign institutional investors sold equities worth Rs 5339.62 crore on a net basis on Friday, according to exchange data.