20 March,2026 11:31 AM IST | Mumbai | mid-day online correspondent
INR slides to 93.12 as global risks and crude prices rise. Representational Image
The Indian rupee fell to a fresh record low on Friday, trading at 93.12 against the US dollar, surpassing its previous low of 92.63 recorded on Wednesday.
Experts said the currency has weakened by nearly 2 per cent since tensions escalated in West Asia, largely due to global supply chain disruptions and elevated crude prices.
Ponmudi R, CEO of Enrich Money highlighted the fact that the rupee is under pressure and trading weakly against the dollar because of high oil prices and global uncertainty. He said, "the USD/INR pair is trading above 92.8, indicating continued pressure on the rupee amid elevated crude prices and global risk aversion. A sustained move above 93.00 could strengthen the upside bias, with resistance seen in the 93.20-93.40 range."
Support levels for the rupee are expected near 92.70 and 92.50-92.40, he added.
Despite the rupee's decline, domestic equity markets rebounded. The Sensex rose over 900 points, or around 1 per cent, while the Nifty gained about 300 points, or 1.35 per cent.
However, foreign institutional investors (FIIs) continued to sell equities, offloading shares worth Rs 7,558.19 crore on Thursday, according to exchange data.
Global crude prices traded lower on Friday following indications from the US that it might ease sanctions on Iranian oil already at sea. Brent crude futures fell as much as 3.39 per cent to USD104.96 per barrel, while US WTI crude dropped 3.22 per cent to USD92.47.
The decline followed comments by US Treasury Secretary Scott Bessent, who said Washington may allow around 140 million barrels of Iranian crude currently on the water to flow freely in the coming days.
"The US has allowed Iranian crude to continue flowing out of the Gulf and could explore further flexibility depending on market conditions," Bessent said.
Despite Friday's dip, crude prices have surged sharply over the past weeks amid geopolitical tensions. As the West Asia conflict entered its 21st day, Brent crude rose nearly 40 per cent, from USD77.74 on March 2 to USD108.65 on March 19.
Analysts said that while easing concerns about Iranian oil infrastructure have reduced some risk premiums, high crude prices continue to pressure the Indian rupee and global markets.
(With IANS Inputs)
