India Rupee Review
Below 92/$1 as banks buy dlrs for year-end needs of cos
This story was originally published at 17:29 IST on 11 March 2026
Register to read our real-time news.Informist, Wednesday, Mar. 11, 2026
By Kabir Sharma
MUMBAI – The rupee ended below 92 per dollar on Wednesday as banks bought dollars on behalf of companies to meet year-end payments, dealers said. After opening lower at 91.9400 a dollar, the rupee recovered and rose to an intraday high of 91.8325 a dollar. The Indian unit ended the day at 92.0400 a dollar, more than 20 paise lower than Tuesday's close of 91.8050 a dollar.
"There was demand throughout the day from corporates and from oilers (oil marketing companies)," a dealer at a state-owned bank said. "Escalations in Middle East are backing the dollar so that was also negative for the rupee," he said.
The rupee recovered early in the trade as crude oil prices fell Tuesday and remained lower on Wednesday following a report that the International Energy Agency proposes to release a large quantum from its oil reserves to bring down crude prices that have soared because of the US-Iran war. According to a report by The Wall Street Journal, the International Energy Agency will release over 182 million barrels of oil that member countries had supplied in 2022 when Russia invaded Ukraine.
However, as tensions in West Asia escalated later in the day, crude oil prices rose above the $90 per barrel mark, giving way to demand for dollars and weighing on the local currency, dealers said.
An unidentified projectile struck a bulk carrier just north of Dubai in the United Arab Emirates Wednesday, not far from the Strait of Hormuz, UK Maritime Trade Operations said in a post on social media platform X. Earlier in the day, unidentified projectiles hit two other ships in the strategically located strait, UK Maritime Trade Operations said. One caught fire, forcing its crew to evacuate the vessel, while the other sustained damage.
These reports pushed crude oil prices higher. At 1627 IST, the Brent Crude May futures contract was at $91.30 per barrel, steady from $91.29 per barrel at close Tuesday.
A strong dollar index also weighed on the Indian currency, dealers said. The dollar strengthened ahead of the US consumer price index data for February. According to an FXStreet poll, consumer prices are expected to rise 0.3% on month while annual inflation is likely to remain steady at 2.4%. Core inflation, which excludes volatile food and energy prices, is expected to increase 0.2% on month and 2.5% on year.
At 1631 IST, the dollar index was at 98.94, compared to 98.91 Tuesday and 98.73 Monday. The index had touched a high of 99.70 Monday.
Banks bought dollars for foreign fund outflows from Indian equities, which also weighed on the domestic currency, dealers said. The benchmark share indices Nifty 50 and Sensex ended 1.6% and 1.7% lower, respectively.
Dealers said crude oil prices could cool down later in the day as Japan plans to independently release its reserves to ease supply concerns. "Japan plans to release 15 days worth of private-sector oil reserves and one months of state oil reserves," Prime Minister Sanae Takaichi told local media.
| AT 1530 IST | AT 0900 IST | HIGH | LOW | PREVIOUS(AT 1530 IST) | |
| Spot rupee per $1 | 92.0400 | 91.9400 | 91.8325 | 92.0500 | 91.8050 |
| 1-year dlr/rupee fwd (paise) | 268.23 | 264.54 | 268.84 | 259.13 | 262.50 |
FORWARDS
The dollar-rupee forward premiums were slightly higher on Wednesday due to forward dollar purchases by importers, dealers said. The rise in premiums was limited by a rise in US Treasury yields.
US Treasury yields were higher Tuesday after the cut-off yield at a three-year bond auction rose because of concerns over inflation from the rise in crude oil prices. The US CPI data, due later Wednesday, is awaited before US Federal Open Market Committee's meeting next week. Traders expect the panel to keep rates on pause until June before potential rate cuts, provided the conflict in West Asia ends soon.
Forward premiums had 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 of $119.40 per barrel due to the intensifying conflict in West Asia.
At 1530 IST, the one-year exact period dollar-rupee forward premium was 2.90%, compared with Tuesday's close of 2.86%. On an absolute basis, the premium was 268.23 paise, against 262.50 paise Tuesday.
OUTLOOK
On Thursday, the rupee is likely to take cues from the trend in crude oil prices due to the evolving situation in West Asia, dealers said. The local unit may also track the dollar index after US CPI data is released later in the day. The Reserve Bank of India'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: Dlr recovers on news of attacks on ships in West Asia
| AT 1537 IST | HIGH | LOW | PREVIOUS | |
| GBP/USD | 1.3421 | 1.3458 | 1.3402 | 1.3408 |
| EUR/USD | 1.1598 | 1.1645 | 1.1590 | 1.1609 |
| NZD/USD | 0.5923 | 0.5948 | 0.5918 | 0.5927 |
| AUD/USD | 0.7155 | 0.7185 | 0.7113 | 0.7116 |
| USD/JPY | 158.4260 | 158.4870 | 157.8680 | 158.0890 |
| USD/CAD | 1.3572 | 1.3586 | 1.3555 | 1.3573 |
| EUR/JPY | 183.7280 | 184.0770 | 183.5198 | 183.4870 |
| CHF/USD | 1.2850 | 1.2878 | 1.2835 | 1.2836 |
| EUR/CHF | 0.9025 | 0.9050 | 0.9010 | 0.9037 |
India Rupee - World FX: Dollar recovers on news of attacks on ships in West Asia
MUMBAI – The dollar index recovered during European market hours Wednesday on safe-haven demand as the conflict in West Asia saw attacks on bulk carriers near the Strait of Hormuz.
An unidentified projectile struck a bulk carrier just north of Dubai in the United Arab Emirates Wednesday, not far from the Strait of Hormuz, UK Maritime Trade Operations said in a post on social media platform X. Earlier Wednesday, unidentified projectiles hit two other ships in the strategically located strait, UK Maritime Trade Operations said. One caught fire, forcing its crew to evacuate the vessel, while the other sustained damage.
Following these reports, crude oil prices also recovered, rising above $90 per barrel again. At 1445 IST, the Brent Crude May futures contract was at $91.30 per barrel, steady against $91.29 per barrel at close Tuesday.
The dollar also strengthened ahead of the release of US CPI data for February. According to an FXStreet poll, consumer prices are expected to rise 0.3% on month while annual inflation is likely to remain steady at 2.4%. Core inflation, which excludes volatile food and energy prices, is expected to increase 0.2% on month and 2.5% on year.
At 1535 IST, the dollar index was at 99.07, compared to 98.91 Tuesday and 98.73 Monday. The index had touched a high of 99.70 Monday.
The euro was down 0.2% against the dollar. European Central Bank President Christine Lagarde said Tuesday "everything necessary" will be done to keep inflation in check during the hostilities in West Asia. "We will do everything necessary to keep inflation under control and ensure that the French and the Europeans do not experience inflation increases like those we saw in 2022 and 2023", caused partly by Russia's invasion of Ukraine, Lagarde told the France 2 and France Inter broadcasters in an interview.
The pound sterling was largely unchanged against the dollar. The British currency remained firm against the greenback on the back of a sharp increase in expectations that the Bank of England will have to increase interest rates, as rising oil and gas prices are likely to fuel already stubborn inflation in the country.
The Japanese yen was down 0.3% as expectations of an interest rate hike by the Bank of Japan fizzled out in the wake of the geopolitical crisis in West Asia. Governor Kazuo Ueda had signalled last week that rates may remain unchanged for an extended period due to the potential economic impact of the conflict. The central bank is widely expected to keep its policy rate unchanged at next week's meeting. (Kabir Sharma)
India Rupee: Remains down as cos with year-end needs, importers buy dollars
| AT 1420 IST | AT 0900 IST | HIGH | LOW | PREVIOUS (AT 1530 IST) | |
| Spot rupee per $1 | 91.9825 | 91.9400 | 91.8325 | 91.9975 | 91.8050 |
| 1-year dlr/rupee fwd (paise) | 266.04 | 264.54 | 266.54 | 259.13 | 262.50 |
MUMBAI – The rupee remained lower against the dollar as banks persistently bought the greenback on behalf of oil marketing companies and some companies that demanded dollars for year-end needs, dealers said.
"Buying pressure is not going anywhere because it's year-end. Corporates have lined up and demand from them will only rise from here," a dealer at a private-sector bank said. "Oilers are also buying more than usual because crude (oil price) has somewhat corrected." Dealers said Indian companies with overseas suppliers typically demand dollars at the financial year-end to make payments abroad.
Tuesday, energy ministers of the Group of Seven countries met in Paris, France, to discuss the US-Iran conflict and its impact on global oil and gas markets. Crude oil prices recovered slightly Wednesday after falling Tuesday on reports that the International Energy Agency had proposed the largest release of oil reserves to bring down prices. At 1445 IST, the Brent Crude May futures was at $91.30 per barrel, steady against $91.29 per barrel at close on Tuesday. Earlier in the day, the contract had fallen to $87.80 per barrel.
A fall in local indices also weighed on the rupee as banks bought the greenback for foreign funds looking to exit Indian equities, dealers said. At 0943 IST, the Nifty 50 and the Sensex were each down 0.4%.
Market participants said any development in the West Asia conflict may dictate the direction of movement in the rupee. Dealers will also watch out for the release of US CPI data for February later Wednesday.
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: Premiums steady; importers' fwd dollar buys offset rise in US yields
| AT 1345 IST | AT 0900 IST | HIGH | LOW | PREVIOUS (AT 1530 IST) | |
| Spot rupee per $1 | 91.9575 | 91.9400 | 91.8325 | 91.9700 | 91.8050 |
| 1-year dlr/rupee fwd (paise) | 266.45 | 264.54 | 266.45 | 259.13 | 262.50 |
MUMBAI – The dollar-rupee forward premiums were steady on Wednesday as a rise in US Treasury yields was offset by importers' forward dollar purchases, dealers said.
"It is also steady like UST because CPI has taken the centre stage for some time atleast," a dealer at a state-owned bank said. "Importers are buying in spot and in forwards," he said.
US Treasury yields were higher Tuesday after the cut-off yield at a three-year bond auction rose following inflation concerns from the rise in crude oil prices. The US CPI data, due later Wednesday, is awaited before US Federal Open Market Committee's meeting next week. Traders expect the panel to keep rates on pause until June before potential rate cuts, provided the conflict ends soon.
Forward premiums had 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 of $119.40 per barrel due to the intensifying conflict in West Asia.
At 1343 IST, the one-year exact period dollar-rupee forward premium was 2.88%, compared with Tuesday's close of 2.86%. On an absolute basis, the premium was 266.44 paise, against 262.50 paise Tuesday. (Kabir Sharma)
India Rupee: Technical levels for rupee - Mar 11
MUMBAI – At 1133 IST, the rupee was at 91.9000 per dollar. At 0900 IST, the rupee was at 91.9400 a dollar, against the previous close of 91.8050 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 |
| Foreign bank | 92.45 | 92.10 | 91.65 | 91.30 |
| Foreign bank | - | 92.10 | 91.70 | - |
| Private-sector bank | 92.50 | 92.20 | 91.85 | 91.40 |
| Brokerage firm | 92.50 | 92.20 | 91.70 | 91.40 |
| Brokerage firm | 92.45 | 92.13 | 91.73 | 91.50 |
(Kabir Sharma and Divya Moolayattil)
India Rupee: Down on oil cos' dollar buys; US CPI, West Asia conflict in focus
| AT 0948 IST | AT 0900 IST | HIGH | LOW | PREVIOUS (AT 1530 IST) | |
| Spot rupee per $1 | 91.9275 | 91.9400 | 91.8325 | 91.9675 | 91.8050 |
MUMBAI – The rupee fell against the dollar on Wednesday as banks bought the greenback for oil marketing companies looking to take advantage of the comparatively lower crude oil prices, dealers said.
"There is constant pressure from oilers (oil marketing companies) as crude has corrected a lot overnight," a dealer at a state-owned bank said.
Crude oil prices fell on Tuesday and sustained that decline on Wednesday after a report said the International Energy Agency proposed the largest release of oil reserves to bring down crude prices that have soared amid the US-Iran war. According to a Wall Street Journal report, the release would exceed the 182 million barrels of oil that member countries had supplied in 2022 when Russia invaded Ukraine.
At 0941 IST, Brent Crude oil May futures traded at $87.80 per barrel, down sharply from $91.29 per barrel at close on Tuesday.
A fall in local indices also weighed on the Indian unit as banks bought the greenback for foreign funds looking to exit Indian equities, dealers said. At 0943 IST, the Nifty 50 and the Sensex were down 0.4?ch.
However, a fall in the dollar index supported the local unit, dealers said. At 0944 IST, the dollar index was at 98.80, compared to 98.91 Tuesday and 98.73 Monday. The index had touched a high of 99.70 on Monday.
Market participants said any development in the West Asia conflict may dictate direction for the rupee. Dealers will also watch out for the release of US CPI data for February later on Wednesday.
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 - Asia FX: Mixed on caution before US CPI; fall in crude supports
MUMBAI – Asian currencies were mixed against the dollar on Wednesday as market participants assessed the positive impact of a fall in crude oil prices but remained cautious ahead of the release of US inflation data for February. Economists surveyed by Bloomberg exoect a 0.3% monthly rise in consumer prices and expect annual inflation to remain flat at 2.4%. Core inflation, excluding volatile energy and food categories, is expected to rise 0.2% on month and 2.5% on year.
The dollar index, which had surged to an over four-month high Monday due to safe-haven demand, fell sharply on Tuesday and has remained near those levels, which also supported other currencies. At 0841 IST, the dollar index was at 98.81, compared to 98.91 Tuesday and 98.73 Monday. The index touched a high of 99.70 on Monday.
Mixed messages from US officials about the movement of oil from the Strait of Hormuz gave way to volatility in prices, weighing on the sentiment for local currencies. US Energy Secretary Chris Wright posted first on his "X" account that the US Navy had safely escorted an oil tanker through the Strait of Hormuz, but the claims were denied by the White House officially, leading to a slight recovery in prices.
The Taiwan dollar was steady against the greenback. The nation's machinery exports in January and February rose 21% on-year to $5.298 billion, driven mainly by strong growth in semiconductor machines, Taipei Times reported on Wednesday. Taiwan is the largest exporter of semiconductors.
The South Korean won, which fell to its lowest level Tuesday since the global financial crisis of 2009, recovered slightly on Wednesday but remained 0.5% down against the greenback.
The Indonesian rupiah was steady against the dollar on Wednesday. Bank Indonesia, the central bank of south-east Asia's largest economy, has intervened continously in the foreign exchange market since the currency fell to a record low against the dollar on Monday and is expected to protect the currency from further depreciation, local news paper The Business Times reported.
The Thai Baht was down 0.3% against the dollar. The Bank of Thailand said it is closely monitoring the movements and related transactions of the Thai baht, which is currently under appreciation pressure. According to Jin10 report, the central bank's meeting minutes highlighted concerns over the currency's strengthening and its potential impact on the economy. Thai baht appreciation is detrimental to Thailand primarily because it damages the country's export competitiveness and hampers the vital tourism sector. (Kabir Sharma)
India Rupee: Expected range for rupee - Mar 11
MUMBAI – Following are the support and resistance levels expected for the rupee Wednesday, 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 | 92.30 | 91.70 |
(Kabir Sharma)
End
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Ashish Shirke
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