The rupee ended at 93.9775 per dollar, against the previous close of 93.87, down about 11 paise.
| Photo Credit:
REUTERSANUSHREE FADNAVIS
The rupee closed at a record low against the US dollar on Wednesday in the backdrop of rising crude oil prices due to the ongoing geopolitical tensions in West Asia and continuous outflows from equity markets on account of FP-related sales, even as the RBI’s intervention ensured that it did not breach the 94 mark.
The rupee ended at 93.9775 per dollar, against the previous close of 93.87, down about 11 paise.
Radhika Rao, Senior Economist & Executive Director, DBS Bank, said therupee’s weakness reflects a cyclical adjustment in response to evolving global conditions, primarily a shift in underlying external sector dynamics.
Amit Pabari, MD, CR Forex Advisors, observed that the geopolitical situation in West Asia is far from resolved.
He said Iran’s denial on any active negotiations with the US is keeping uncertainty alive.
“The effect of global tensions is now reflecting in domestic data as well. HSBC India Composite PMI dropped sharply to 56.5 in March from 58.9, coming below expectations. This marks the slowest pace of expansion since October 2022, with both manufacturing and services seeing moderation.
“The global conflict is not just affecting markets, but is also slowing down business activity in India. And that adds another layer of pressure on the rupee,” Pabari said.
Published on March 25, 2026
