Indian Rupee Hits Record Low, Falls to Rs 92.35 Against US Dollar
New Delhi | March 9, 2026
The Indian rupee weakened sharply on Monday, falling to its lowest level ever against the US dollar, closing at around ₹92.35 per dollar. The currency dropped by 53 paise during the trading session, reflecting growing pressure from global economic developments and rising energy prices.
Financial analysts say the depreciation is largely linked to the recent surge in global crude oil prices, which have crossed the $100 per barrel mark amid escalating geopolitical tensions in the Middle East. Since India relies heavily on imported crude oil, higher energy prices increase the country’s demand for US dollars to pay for imports. This increased dollar demand tends to weaken the rupee.
Another major factor behind the decline is the strengthening of the US dollar globally. Investors worldwide have been moving funds into the dollar as a safer asset due to uncertainties in global markets. This trend often leads to capital outflows from emerging markets such as India, placing additional pressure on their currencies.
Market participants also noted that foreign institutional investors (FIIs) have been cautious in recent weeks. When international investors pull funds from domestic equities or bonds, they convert rupees into dollars, which further contributes to the depreciation of the Indian currency.
Currency traders indicated that the Reserve Bank of India (RBI) may intervene in the foreign exchange market if the volatility continues. The central bank typically sells dollars from its reserves to stabilize the rupee during periods of sharp fluctuations.
Despite the decline, economists note that exchange rates are influenced by multiple global and domestic factors, including inflation trends, trade balances, capital flows, and geopolitical developments. The coming weeks will be crucial in determining whether the rupee stabilizes or continues to face pressure depending on global oil prices and international market sentiment.
The latest fall marks a historic low for the Indian currency, highlighting the broader challenges emerging market economies are facing amid global uncertainty and rising energy costs.