India Rupee Review
Off highs on oil cos' dollar buys; RBI lifts above 92/$
This story was originally published at 16:22 IST on 10 March 2026
Register to read our real-time news.Informist, Tuesday, Mar. 10, 2026
By Kabir Sharma
MUMBAI – The rupee ended off highs against the dollar as banks persistently bought the greenback on behalf of oil marketing companies, which wanted to take advantage of comparatively lower dollar-rupee levels, dealers said. State-owned banks' dollar sales on behalf of the Reserve Bank of India supported the rupee through the day, largely mitigating the impact of dollar purchases by importers, dealers said.
"A proper tug of war was visible today after a long time as oilers were demanding dollars constantly and they (RBI) were not letting it go below 92," a dealer at a state-owned bank said.
After rising to an intraday high of 91.70 a dollar, the rupee erased some gains and ended at 91.8050 a dollar on Tuesday, over 40 paise higher than Monday's close of 92.3275 a dollar. As the risk sentiment for emerging market currencies improved, other Asian currencies also rose 0.3%-0.7% against the dollar
The rupee started the day sharply higher against the greenback as crude oil prices slumped after US President Donald Trump said that the conflict in West Asia might be "over soon", dealers said.
In an interview with CBS News Monday, Trump said the US was progressing with the war quicker than it had anticipated and while the war would not end this week, military objectives were nearly complete. Trump also told lawmakers that the war would be over "pretty quickly" and that he wants lower crude prices.
Trump also said his administration would lift some sanctions on oil-producing countries to keep energy prices under control. "So, we have sanctions on some countries. We're going to take those sanctions off until this straightens out," Trump said at a news conference in Miami, Florida, according to an Al Jazeera report.
"Then, who knows, maybe we won't have to put them on – there'll be so much peace," he said. Trump did not specify which countries would be subject to sanctions relief. Washington currently maintains sanctions on the oil sectors of Russia, Iran and Venezuela.
After hitting a near four-year high of around $120 a barrel Monday, Brent crude for May delivery fell to $89.16 a barrel at 0845 IST after Trump's comments. The US was also considering easing sanctions on oil cargoes, as well as US Navy escort for tankers in the key economic passage, the US president said.
However, the rupee fell to the day's low of 92.1875 a dollar in the first half of the session as the demand for dollars from importers and oil marketing companies was relentless due to the combination of lower dollar-rupee levels and lower crude oil prices, dealers said.
But state-owned banks sold dollars on behalf of the Reserve Bank of India, which brought the Indian unit back above 92 per dollar in the second leg of trade, dealers said. The rupee appreciated rapidly and touched the day's high of 91.70 a dollar.
The dollar index, which had surged to an over four-month high Monday due to safe-haven demand, fell sharply on Tuesday, which also supported the local currency, dealers said. At 1556 IST, the dollar index was at 98.67, compared to 98.73 Monday and 98.89 Friday. The index touched a high of 99.70 on Monday.
Some banks sold the greenback for foreign fund inflows into Indian equities, which supported the local unit, dealers said. Inflows into Indian equities recovered as the risk sentiment for the region improved on hope that the US-Iran conflict would end soon, dealers said. The benchmark indices Nifty 50 and the Sensex ended 1% and 0.8% higher, respectively.
| AT 1530 IST | AT 0900 IST | HIGH | LOW | PREVIOUS(AT 1530 IST) | |
| Spot rupee per $1 | 91.8050 | 91.9250 | 91.7000 | 92.1875 | 92.3275 |
| 1-year dlr/rupee fwd (paise) | 262.50 | 264.50 | 268.00 | 261.25 | 270.82 |
FORWARDS
The one-year dollar-rupee forward premium fell Tuesday as the Indian unit appreciated in the spot market, leading to sales of forward dollars by banks on behalf of exporters, dealers said.
Forward premiums surged to an over two-month high of 2.93% Monday as oil marketing companies and other importers rushed to purchase forward dollars after the rupee fell sharply in the spot market. The Indian unit touched a record low of 92.3425 against the dollar Monday as crude oil prices surged to near four-year highs due to the intensifying conflict in West Asia.
Premiums fell despite a fall in US Treasury yields. US Treasury yields retreated for the first time in six days as inflationary concerns eased following the drop in crude oil prices after US President Donald Trump's remarks. The 10-year US yield tumbled after rising to an intraday high of 4.22%.
At 1530 IST, the one-year exact period dollar-rupee forward premium was 2.86%, lower than Monday's close of 2.93%. On an absolute basis, the premium was 262.60 paise, against 270.82 paise Monday.
OUTLOOK
On Wednesday, the rupee is likely to take cues from the movement in crude oil prices due to the evolving situation in West Asia, dealers said. The local unit may also track movement in the dollar index. The RBI's intervention strategy will also be in focus, dealers said.
Dealers expect importers to continue buying dollars at every dip in the dollar-rupee pair, which may weigh on the Indian currency. Most market participants expect the RBI to intervene by selling dollars and prevent the rupee from depreciating sharply. Some expect the central bank to ramp up its intervention if the Indian currency inches closer to the record low.
The rupee is likely to move in the 91.70-92.20 range against the dollar. Immediate technical support for the domestic currency is pegged at 92.20 a dollar.
India Rupee - World FX:Dollar weakens as Trump hints at end of conflict soon
| AT 1514 IST | HIGH | LOW | PREVIOUS | |
| GBP/USD | 1.3467 | 1.3483 | 1.3413 | 1.3440 |
| EUR/USD | 1.1657 | 1.1664 | 1.1607 | 1.1635 |
| NZD/USD | 0.5941 | 0.5944 | 0.5908 | 0.5931 |
| AUD/USD | 0.7117 | 0.7120 | 0.7054 | 0.7078 |
| USD/JPY | 157.5540 | 157.9550 | 157.2780 | 157.6800 |
| USD/CAD | 1.3574 | 1.3602 | 1.3566 | 1.3573 |
| EUR/JPY | 183.6760 | 183.7290 | 183.0650 | 183.4600 |
| CHF/USD | 1.2900 | 1.2903 | 1.2848 | 1.2859 |
| EUR/CHF | 0.9035 | 0.9048 | 0.9032 | 0.9047 |
| Dollar Index | 98.5940 | 98.9390 | 98.4920 | 98.7260 |
MUMBAI – The dollar index eased from a four-month high touched on Monday after US President Donald Trump said the conflict with Iran might end soon. In an interview to CBS News Monday, Trump said the US was progressing with the war quicker than it had anticipated and while it would not end this week, military objectives were nearly complete. Trump also told lawmakers that the war would be over "pretty quickly" and that he wants crude oil prices to be lower.
The dollar index, which had surged to an over four-month high Monday due to safe-haven demand, fell in the second half on Monday and remained near those levels Tuesday. At 1505 IST, the dollar index was at 98.61, compared to 98.73 Monday and 98.89 Friday. The index had touched a high of 99.70 on Monday.
The euro rose to a one-week high against the dollar as crude oil prices fell after Trump signalled the Iran war could soon end. Expectations that the European Central Bank would raise interest rates this year due to concerns over inflation also lifted the currency. The euro was under pressure Monday as the surge in crude oil prices over $100 a barrel raised concerns about its impact on the Eurozone's terms of trade.
The Japanese yen was largely unchanged against the greenback. The Cabinet Office of Japan said the economy grew at an annualised rate of 1.3% in Oct-Dec, compared to the initial estimates of a 0.2% rise. The quarterly print was also revised upward to show an expansion of 0.3%, up from the preliminary reading of 0.1%.
The Swiss franc was up 0.3% against the US dollar. The franc was trading near its highest level since 2015 against the euro driven by intense safe-haven demand due to the conflict in West Asia. Despite warnings of intervention from the Swiss National Bank, fundamental factors and geopolitical tensions kept the franc strongly positioned. (Kabir Sharma)
India Rupee:Premiums fall on bks' fwd dlr sales for exporters as rupee rises
| AT 1450 IST | AT 0900 IST | HIGH | LOW | PREVIOUS(AT 1530 IST) | |
| Spot rupee per $1 | 91.8625 | 91.9250 | 91.7000 | 92.1875 | 92.3275 |
| 1-year dlr/rupee fwd (paise) | 263.75 | 264.50 | 268.00 | 261.25 | 270.82 |
MUMBAI – The one-year dollar-rupee forward premium fell Tuesday as the Indian unit appreciated in the spot market, leading to sales of forward dollars by banks on behalf of exporters, dealers said.
"They (exporters) received as the levels touched yesterday (Monday) were really high and we might not see those levels for a good time until crude goes back to $120 (a barrel) again," a dealer at a state-owned bank said.
Forward premiums surged to an over two-month high of 2.93% Monday as oil marketing companies and other importers rushed to purchase forward dollars after the rupee fell sharply in the spot market. The Indian unit touched a record low of 82.3425 against the dollar Monday as crude oil prices surged to near four-year highs due to the intensifying conflict in West Asia.
Premiums fell despite a fall in US Treasury yields. US Treasury yields retreated for the first time in six days as inflationary concerns eased following the drop in crude oil prices after US President Donald Trump's remarks. The 10-year US yield tumbled after rising to an intraday high of 4.22%.
At 1449 IST, the one-year exact period dollar-rupee forward premium was 2.87%, lower than Monday's close of 2.93%. On an absolute basis, the premium was 263.75 paise, against 270.82 paise Monday. (Kabir Sharma)
India Rupee: Surges on PSU bks' dlr sales for RBI, FX inflows into equities
| AT 1355 IST | AT 0900 IST | HIGH | LOW | PREVIOUS(AT 1530 IST) | |
| Spot rupee per $1 | 91.8600 | 91.9250 | 91.7000 | 92.1875 | 92.3275 |
MUMBAI – The rupee surged against the dollar as state-owned banks sold the greenback on behalf of the Reserve Bank of India, dealers said. However, some banks bought the greenback on behalf of oil marketing companies, which weighed on the local currency, they said.
"They are selling at any level below 92, looks like they want to keep it below that level for some time at least," a dealer at a brokerage firm said.
After opening sharply higher against the dollar, the Indian unit fell to the day's low of 92.1875 a dollar as there was persistent demand for the greenback from oil marketing companies, dealers said. However, the rupee recovered sharply after state-owned banks sold the greenback on behalf of the Reserve Bank of India and took the currency to the day's high of 91.70 a dollar.
A fall in the dollar index from the four-month high of 99.70 touched on Monday also supported the rupee, dealers said. The dollar index, which had surged Monday due to safe-haven demand, fell sharply on Tuesday, which also supported the local currency, dealers said. At 0942 IST, the dollar index was at 98.94, compared to 98.73 Monday and 98.89 Friday.
Some banks sold the greenback for foreign fund inflows into Indian equities, which supported the local unit, dealers said. Inflows into Indian equities recovered as the risk sentiment for the region improved on hope that the US-Iran conflict may end soon, dealers said. At 1356 IST, the benchmark indices Nifty 50 and the Sensex were up 0.7% and 0.8%, respectively.
For the rest of the day, the rupee is seen moving between 91.70 and 92.20 against the greenback. Dealers peg immediate technical resistance for the rupee at 91.60 a dollar. (Kabir Sharma)
India Rupee: Technical levels for rupee - Mar 10
MUMBAI – At 1122 IST, the rupee was at 92.0775 per dollar. At 0900 IST, the rupee was at 91.9250 a dollar, against the previous close of 92.3275 a dollar. Following are the key support and resistance levels for the rupee as provided by leading banks and brokerages:
| Participants | S2 | S1 | R1 | R2 |
| State-owned bank | 92.50 | 92.40 | 91.80 | 91.50 |
| Private-sector bank | 92.50 | 92.20 | 91.85 | 91.40 |
| Brokerage firm | 92.40 | 92.20 | 91.60 | 91.30 |
| Brokerage firm | 92.25 | 92.00 | 91.65 | 91.50 |
(Kabir Sharma)
India Rupee: Erases gains as importers stock up on dlrs citing good levels
| AT 0947 IST | AT 0900 IST | HIGH | LOW | PREVIOUS(AT 1530 IST) | |
| Spot rupee per $1 | 92.1325 | 91.9250 | 91.8900 | 92.1350 | 92.3275 |
MUMBAI – The rupee erased some gains against the dollar as banks bought the greenback on behalf of oil marketing companies and other importers, dealers said. Crude oil futures eased after US President Trump said that the conflict with Iran may end soon.
"Oil prices have fallen a lot which is tempting oilers to stock up at this level," a dealer at a private bank said. "USD-INR also corrected to below 92, which prompted importers to buy."
Dealers said importers were looking to stock up on the commodity as the prices fell sharply from Monday, when they touched almost $120 a barrel. After hitting a near-four-year high Monday to around $120 a barrel, Brent crude for May delivery fell to $94.07 a barrel at 0941 IST after Trump's comments.
A fall in the dollar index from the four-month high of 99.70 touched on Monday also supported the rupee, dealers said. The dollar index, which had surged Monday due to safe-haven demand, fell sharply on Tuesday, which also supported the local currency, dealers said. At 0942 IST, the dollar index was at 98.94, compared to 98.73 Monday and 98.89 Friday.
Some banks sold the greenback for foreign fund inflows into Indian equities, which supported the local unit, dealers said. Inflows into Indian equities recovered as the risk sentiment for the region improved on hope that the US-Iran conflict may end soon, dealers said.
For the rest of the day, the rupee is seen moving between 91.80 and 92.30 against the greenback. Dealers peg immediate technical support for the rupee at 92.30 a dollar. (Kabir Sharma)
India Rupee - Asia FX: Most up as dlr eases after Trump's comments calm mkts
MUMBAI – Most Asian currencies rose against the dollar Tuesday as the greenback fell after US President Donald Trump hinted that the end of the conflict in West Asia may be close. In an interview with CBS News Monday, Trump said the US was progressing with the war quicker than it had anticipated and while it would not end this week, its military objectives were nearly complete. Trump also told lawmakers that the war would be over "pretty quickly" and that he wants crude prices to be lower.
At 0925 IST, the dollar index was at 98.92, compared to 98.73 Monday and 98.89 Friday. The index touched a high of 99.70 on Monday.
Currencies across emerging economies were rattled as crude oil prices surged to over $119 a barrel on Monday as the West Asia conflict escalated over the weekend.
The Philippines peso was up 0.4% against the greenback after the central bank said it might have to increase interest rates to tackle crude oil-driven inflation and the sharp fall in the local currency. "...interventions such as an increase in interest rates would kick in should the Philippine peso further slump against US Dollar," the central bank said in a note.
The Thai Baht was up 0.3% against the dollar. Thailand's Commerce and Energy Minister Narongchai Akrasanee said the Iran war is deeply concerning for the country, with oil prices already surging to over $110 a barrel, leaving the country hard-pressed to avoid fallout because it relies heavily on imported oil and natural gas, local media reported.
The Malaysian ringgit was up 0.7% against the dollar. Malaysian Prime Minister Anwar Ibrahim committed to ensure that the government does not increase retail petrol prices, local media reported. "We will do our best to ensure the price of RON95 remains at 1.99 ringgit (around $0.50) so that the rakyat (common people) are not burdened," he said at the Domestic Trade and Cost of Living Ministry's monthly assembly in Kuala Lumpur.
Bucking the trend, the South Korean won was down 0.2% against the dollar. (Kabir Sharma)
India Rupee: Expected range for rupee - Mar 10
MUMBAI - Following are the support and resistance levels expected for the rupee Tuesday, as forecast by leading banks and brokerages in an Informist Poll:
| PARTICIPANT | SUPPORT | RESISTANCE |
| State-owned bank | 92.00 | 91.50 |
| State-owned bank | 92.40 | 91.70 |
| Private-sector bank | 92.15 | 91.65 |
| Private-sector bank | 92.00 | 91.50 |
| Foreign bank | 92.00 | 91.65 |
| Brokerage firm | 92.20 | 91.80 |
| Brokerage firm | 92.30 | 91.70 |
| Brokerage firm | 92.10 | 91.60 |
(Kabir Sharma)
End
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Avishek Dutta
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