The Indian rupee hit an all-time low of 92.89 per dollar on March 20, 2026, due to high oil prices, foreign fund outflows, and a stronger dollar. The RBI sold $15 billion to stabilize it.
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The currency had already touched a record low in the previous session, stressing the pace of depreciation amid ongoing geopolitical tensions linked to the Iran conflict.
So far in 2026, the rupee has declined 2.63%, including a 1.8% drop since the conflict began, reflecting persistent external pressures.
What’s weighing on the rupee
- Oil shock: Brent crude up ~40% since the Iran conflict began
- Dollar demand: Higher import bill pushing up demand for the greenback
- Foreign outflows: Continued selling by overseas investors
- Stronger dollar: Global risk aversion supporting the US currency
RBI intervention in focus
The Reserve Bank of India (RBI) is estimated to have sold over $15 billion in March to stabilise the rupee. Intervention typically intensifies toward the financial year-end, making near-term support likely.
Rupee trend in Q4 (March-end levels)
| Year | March-end level | 3-month average |
|---|---|---|
| 2017 | 64.85 | 66.91 |
| 2018 | 65.11 | 64.35 |
| 2019 | 69.18 | 70.43 |
| 2020 | 75.33 | 72.45 |
| 2021 | 73.13 | 72.89 |
| 2022 | 75.90 | 75.21 |
| 2023 | 82.15 | 82.18 |
| 2024 | 83.35 | 83.03 |
| 2025 | 85.45 | 86.56 |
Trend: The rupee has steadily weakened over the years, with Q4 often reflecting added pressure from external balances and dollar demand.
Asian currency performance since Iran conflict (vs USD)
| Currency | Change |
| Hong Kong dollar | -0.13% |
| Offshore Chinese yuan | -0.23% |
| Chinese yuan | -0.41% |
| Singapore dollar | -0.97% |
| Japanese yen | -1.07% |
| Malaysian ringgit | -1.11% |
| Indonesian rupiah | -1.26% |
| Indian rupee | -1.79% |
| Taiwanese dollar | -2.31% |
| South Korean won | -3.69% |
| Philippine peso | -4.05% |
| Thai baht | -5.20% |
(With inputs from CNBC TV18’s Ritu Singh)
