India Rupee Review
Record low closing on dlr buys for oil cos, FX outflows
This story was originally published at 16:50 IST on 13 March 2026
Register to read our real-time news.Informist, Friday, Mar. 13, 2026
By Kabir Sharma
MUMBAI – The rupee ended at a record closing low against the dollar as banks persistently bought the greenback on behalf of oil marketing companies and for foreign fund outflows from Indian equities, dealers said. However, state-owned banks sold dollars throughout the day on behalf of the Reserve Bank of India, which prevented the rupee from falling further, dealers said.
"Dollar bids are present across levels as FIIs are selling heavy and flying out," a dealer at a private bank said. "If not for them (RBI), it would have easily breached 92.50 today."
With the RBI at one end and constant dollar bids from oil marketing companies and foreign funds on the other, the rupee moved in a narrow range of 17 paise during the day. After falling to a record low of 92.4750 a dollar, the rupee ended at 92.4550 a dollar on Friday, sharply lower than Thursday's close of 92.1900 a dollar.
The rupee fell to record lows in the first hour of trade as oil marketing companies stocked up on the greenback on fears of further appreciation in prices of the commodity due to the conflict in West Asia. Oil prices rallied Friday, with Brent crude for May delivery rising above $102 a barrel in European trade.
Iran's Supreme Leader Ayatollah Mojtaba Khamenei issued his maiden statement on the war on Thursday, with the speech read by a state television news anchor. His comments weighed on hopes that the war might end soon. "I assure everyone that we will not refrain from avenging the blood of your martyrs. The retaliation we have in mind is not limited only to the martyrdom of the great leader of the Revolution; rather, every member of the nation who is martyred by the enemy constitutes a separate case in the file of revenge," Khamenei said.
He said Iran will leverage the Strait of Hormuz in the war. "The lever of closing the Strait of Hormuz must certainly continue to be used as well. Studies have also been conducted on opening other fronts in which the enemy has little experience and would be highly vulnerable," he said. At 1618 IST, Brent futures for May delivery were at $100.38 per barrel, unchanged from Thursday's close but up almost 9% from $91.48 a barrel on Wednesday.
Banks bought the greenback for foreign fund outflows from Indian equities, which also weighed on the local unit, dealers said. The benchmark indices Nifty 50 and Sensex ended 2.1% and 2% lower, respectively. So far in March, foreign investors have dumped $4.83 billion worth of Indian stocks.
The dollar index rose above 100 to its highest level in more than three months on Friday as investors sought safe-haven assets amid a rise in energy prices due to the widening conflict in West Asia, which also weighed on the local currency. US President Donald Trump said stopping the Iranian regime from getting nuclear weapons was more crucial than preventing higher oil prices, supporting the dollar. At 1623 IST, the dollar index was at 100.11, higher than 99.74 Thursday and 99.25 Wednesday.
The only respite for the rupee throughout the day were dollar sales by state-owned banks on behalf of the Reserve Bank of India. The RBI first sold dollars around 92.36 a dollar but persistent demand for the greenback pushed the rupee further and took it to the new record low of 92.4750 a dollar. At this level the RBI stepped in again and prevented a fall to 92.50 a dollar which is seen as a major stop-loss for the currency, dealers said.
| AT 1530 IST | AT 0900 IST | HIGH | LOW | PREVIOUS(AT 1530 IST) | |
| Spot rupee per $1 | 92.4550 | 92.3450 | 92.3050 | 92.4750 | 92.1900 |
| 1-year dlr/rupee fwd (paise) | 263.88 | 266.55 | 267.05 | 261.02 | 267.89 |
FORWARDS
Dollar-rupee forward premiums were lower Friday, tracking a sharp rise in US Treasury yields, dealers said. Some banks sold forward dollars on behalf of exporters, which also weighed on premiums, they said.
US Treasury yields continued to climb because of upward pressure from rising oil prices. The yield on the 10-year US Treasury note rose to 4.27% on Thursday from 4.21% late Wednesday and 3.97?fore the war started. Market participants now await the release of US personal consumption expenditure index data, due later in the day.
Dealers said exporters sold forward dollars as the Reserve Bank of India intervened in the forwards market on Thursday when premiums rose to near 3%, hinting that the premiums may not rise much further than that level.
At 1530 IST, the one-year exact period dollar-rupee forward premium was 2.85%, lower than Thursday's close of 2.91%. On an absolute basis, the premium was 263.88 paise, against 267.89 paise Thursday.
OUTLOOK
The market if shut on Saturdays. On Monday, the rupee is likely to take cues from crude oil price movements over the weekend amid evolving developments in West Asia, dealers said. The local unit may also track movement in the dollar index after the release of US personal consumption expenditure index later on Friday.
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 a sharp depreciation of the rupee. Dealers expect the central bank to ramp up its intervention whenever the Indian currency inches closer to 92.50 a dollar.
The rupee is likely to move in the 92.20-92.60 range against the dollar on Monday. Immediate technical support for the domestic currency is pegged at 92.50.
India Rupee - World FX: Dollar index rises above 100 on flight to safety
| AT 1539 IST | HIGH | LOW | PREVIOUS | |
| GBP/USD | 1.3273 | 1.3369 | 1.3256 | 1.3347 |
| EUR/USD | 1.1464 | 1.1530 | 1.1433 | 1.1512 |
| NZD/USD | 0.5822 | 0.5862 | 0.5803 | 0.5849 |
| AUD/USD | 0.7041 | 0.7092 | 0.7016 | 0.7072 |
| USD/JPY | 159.4140 | 159.6830 | 159.0190 | 159.3540 |
| USD/CAD | 1.3667 | 1.3672 | 1.3622 | 1.3627 |
| EUR/JPY | 182.7390 | 183.6490 | 182.3060 | 183.4200 |
| CHF/USD | 1.2692 | 1.2744 | 1.2666 | 1.2720 |
| EUR/CHF | 0.9031 | 0.9055 | 0.9022 | 0.9044 |
MUMBAI – The dollar index rose above 100 to its highest level in more than three months on Friday as investors sought safe-haven assets amid a rise in energy prices due to the widening conflict in West Asia. At 1516 IST, the dollar index was at 100.11, higher than 99.74 Thursday and 99.25 Wednesday.
US President Donald Trump said stopping the Iranian regime from getting nuclear weapons was more crucial than preventing higher oil prices. Oil prices rallied Friday, with Brent crude for May delivery rising above $102 a barrel in European trade.
The sustained rise in crude prices has also clouded the rate outlook for the US Federal Open Market Committee. According to the CME FedWatch Tool, the probability of the Federal Reserve leaving the policy rate unchanged in the next three consecutive meetings climbed above 75% from about 63?rly Thursday.
The yen was down 0.1% against the dollar. Bank of Japan Governor Kazuo Ueda warned that a weak yen could exacerbate imported inflation amid rising oil prices. According to him, this may accelerate the central bank's transition towards normalising monetary policy.
The pound sterling was down 0.6% against the dollar. The British currency fell against the greenback on the back of expectations that the Bank of England may have to delay interest rate hikes, even as rising oil and gas prices are likely to fuel already stubborn inflation in the country.
The euro was down 0.5% against the dollar. The euro weakened even as the European Central Bank is expected to raise interest rates twice this year, a sharp shift from last month, when no rate hikes were expected. (Kabir Sharma)
India Rupee: Near record low on oil cos' dlr buys; RBI dlr sales support
| AT 1432 IST | AT 0900 IST | HIGH | LOW | PREVIOUS(AT 1530 IST) | |
| Spot rupee per $1 | 92.4025 | 92.3450 | 92.3050 | 92.4750 | 92.1900 |
MUMBAI – The rupee was close to the record low of 92.4750 hit earlier in the session as banks persistently bought dollars on behalf of oil marketing companies and other importers, dealers said. However, a sharp fall in the currency was prevented as state-owned banks sold dollars on behalf of the Reserve Bank of India.
"Other than them (Reserve Bank of India), a very few people are on the selling side," a dealer at a state-owned bank said.
Crude oil prices surged above the $100-per-barrel level again after Iran's Supreme Leader Ayatollah Mojtaba Khamenei said the country would take revenge for its citizens killed by the US and Israel since their first strike on Feb. 28. He said Iran will leverage the Strait of Hormuz in the war. At 1429 IST, Brent crude futures for May delivery were at $100.88 per barrel, unchanged from Thursday's close but up almost 9% from $91.48 a barrel on Wednesday.
Banks bought the greenback for foreign fund outflows from Indian equities, which also weighed on the local unit, dealers said. At 1431 IST, the benchmark share indices Nifty 50 and Sensex were down 1.8?ch.
The dollar index was at an over four-month high due to safe-haven demand, which also weighed on the local currency, dealers said. At 1431 IST, the dollar index was at 100.23, compared to 99.74 Thursday and 99.25 Wednesday.
For the rest of the day, the rupee is seen moving between 92.00 and 92.50 against the greenback. Dealers peg immediate technical support for the rupee at 92.40 a dollar. (Kabir Sharma)
India Rupee:Premiums dn tracking US yld rise, exporters' fwd dlr sales weigh
| AT 1416 IST | AT 0900 IST | HIGH | LOW | PREVIOUS(AT 1530 IST) | |
| Spot rupee per $1 | 92.4125 | 92.3450 | 92.3050 | 92.4750 | 92.1900 |
| 1-year dlr/rupee fwd (paise) | 264.55 | 266.55 | 267.05 | 261.02 | 267.89 |
MUMBAI – The dollar-rupee forward premiums were lower Friday, tracking a sharp rise in US Treasury yields, dealers said. Some banks sold forward dollars on behalf of exporters, which also weighed on premiums, they said.
"UST (US Treasury yield) has gone close to 4.30%, which is very dangerous for the US and so exporters have also started hedging at these levels," a dealer at a state-owned bank said.
US Treasury yields continued to climb because of upward pressure from rising oil prices. The yield on the 10-year US Treasury note rose to 4.27% on Thursday from 4.21% late Wednesday and 3.97?fore the war started. Market participants look forward to the release of the personal consumption expenditure index data, due later in the day.
Dealers said exporters sold forward dollars as the Reserve Bank of India intervened in the forwards market on Thursday when premiums rose to near 3%, hinting that the premiums may not rise much further than that level.
At 1413 IST, the one-year exact period dollar-rupee forward premium was 2.86%, lower than Thursday's close of 2.91%. On an absolute basis, the premium was 264.55 paise, against 267.89 paise Thursday. (Kabir Sharma)
India Rupee: Technical levels for rupee - Mar 13
MUMBAI – At 1133 IST, the rupee was at 92.4275 per dollar. At 0900 IST, the rupee was at 92.3450 a dollar, against the previous close of 92.1900 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 | 93.00 | 92.50 | 91.90 | 91.50 |
| Private-sector bank | 92.60 | 92.45 | 92.20 | 92.15 |
| Foreign bank | 92.50 | 92.45 | 92.15 | 92.10 |
| Brokerage firm | 92.65 | 92.50 | 92.20 | 92.00 |
| Brokerage firm | - | 92.50 | 92.07 | - |
(Kabir Sharma, Divya Moolayattil and Suryash Kumar)
India Rupee: At record low as oil above $100/bbl; RBI dlr sales limit losses
| AT 0951 IST | AT 0900 IST | HIGH | LOW | PREVIOUS(AT 1530 IST) | |
| Spot rupee per $1 | 92.3200 | 92.3450 | 92.3050 | 92.3625 | 92.1900 |
MUMBAI – The rupee fell to a record low against the dollar on Friday as banks persistently bought the greenback on behalf of oil marketing companies, dealers said. However, some state-owned banks' dollar sales on behalf of the Reserve Bank of India prevented a runaway depreciation in the Indian unit, they said.
"These levels will surely be protected (by RBI)," a dealer at a private sector bank said. "Oil is on the boil again and it is creating mass panic among oilers (oil marketing companies)."
Crude oil prices surged above the $100-per-barrel level again after Iran's Supreme Leader Ayatollah Mojtaba Khamenei said the country would take revenge for its citizens killed by the US and Israel since their first strike on Feb. 28. He said Iran will leverage the Strait of Hormuz in the war. "The lever of closing the Strait of Hormuz must certainly continue to be used as well. Studies have also been conducted on opening other fronts in which the enemy has little experience and would be highly vulnerable," he said in a statement read out of state television news. At 0943 IST, Brent futures for May delivery were at $100.48 per barrel, unchanged from Thursday's close but up almost 9% from $91.48 a barrel on Wednesday.
Banks bought the greenback for foreign fund outflows from Indian equities, which also weighed on the local unit, dealers said. At 0944 IST, benchmark indices Nifty 50 and Sensex were down 0.8?ch.
The dollar index was at an over four-month high due to safe-haven demand, which also weighed on the local currency, dealers said. At 0945 IST, the dollar index was at 99.77, compared to 99.74 Thursday and 99.25 Wednesday.
For the rest of the day, the rupee is seen moving between 92.00 and 92.50 against the greenback. Dealers peg immediate technical support for the rupee at 92.40 a dollar. (Kabir Sharma)
India Rupee - Asia FX: Dn as dlr firm near 4-mo-high; Taiwan dlr falls most
MUMBAI – Most Asian currencies were down against the greenback Friday as the dollar index remained near the four-month high it touched Thursday. The dollar was supported by safe haven flows as Iran's new supreme leader vowed for revenge.
In his first public remarks since being elected earlier this week, Iran's Supreme Leader Ayatollah Mojtaba Khameini said the country would take revenge for its citizens killed by the US and Israel since the first strike from those countries on Feb. 28. The aim was to extract compensation equal to the damage suffered by Iran or destroy an equivalent amount of assets of the aggressors, Khameini said.
The dollar also remained firm ahead of the release of key inflation data from the US. January's delayed personal consumption expenditure price index data due on Friday is expected to show a solid increase in core inflation. Economists forecast core inflation increasing by as much as 0.5% in January, with estimates for February as high as 0.4%, according to the Asian News Network.
The Taiwan dollar suffered the most and was down 0.4% against the dollar as Taiwanese stocks incurred sharp losses in early trade on the back of risk-off sentiment due to the West Asia conflict. The stock market had risen for two consecutive days before seeing losses early Friday.
The Philippines peso was down 0.2% against the dollar. Bangko Sentral ng Pilipinas Governor Eli Remolona Jr. warned that the central bank could reverse course and raise interest rates if global oil prices stay above $100 a barrel for an extended period and the US dollar continues its rally.
The Indonesian rupiah was down 0.2% against the dollar amidst worsening risk sentiment. Bank Indonesia is expected to keep interest rates steady for a sixth consecutive meeting on Tuesday, according to a majority of economists in a Reuters poll.
The offshore Chinese yuan and the Malaysian ringgit were down 0.1?ch against the dollar. Bucking the trend, the Thai baht was up 0.1%. (Kabir Sharma)
India Rupee: Expected range for rupee - Mar 13
MUMBAI – Following are the support and resistance levels expected for the rupee Friday, as forecast by leading banks and brokerages in an Informist Poll:
| PARTICIPANT | SUPPORT | RESISTANCE |
| State-owned bank | 92.50 | 92.00 |
| State-owned bank | 92.45 | 92.10 |
| Private-sector bank | 92.50 | 92.00 |
| Private-sector bank | 92.45 | 92.05 |
| Foreign bank | 92.50 | 92.20 |
| Brokerage firm | 92.50 | 92.07 |
(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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