The market tone suggests that upside pressure on USD/INR remains intact unless global tensions cool meaningfully.
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The US and Israel’s combined attack on Iran had its impact on the Rupee, which opened about 16 paise weaker against the Dollar on Monday.
The Indian unit (INR), which opened at 91.2350 per US Dollar (USD), is currently trading about 32 paise weaker at 91.3950, per CCIL data. In intraday trades so far, INR hit a low of 91.43 and a high of 91.23 per USD.
Amit Pabari, MD, CR Forex Advisors, said: “The rupee ended last month quietly at 90.97, almost as if it was just another routine close.But while the markets were preparing for a fresh month, the weekend decided to rewrite the script. This time, the pressure on the Rupee isn’t coming from domestic imbalances — it’s blowing in from far beyond our borders. The escalation between United States, Israel and Iran has shifted global risk sentiment dramatically.”
Pabari assessed that the 90.80–91.00 zone now becomes a crucial base. As long as this holds, the probability of a move toward 91.80–92.00 appears high — almost 90% under current conditions.
The market tone suggests that upside pressure on USD/INR remains intact unless global tensions cool meaningfully.
Nachiketa Sawrikar, Fund Manager, Artha Bharat Global Multiplier Fund, said for India, the impact of the USA and Israel attack on Iran is typically magnified: higher crude oil prices widen the current account deficit, stoke domestic inflation, pressure the rupee, and could lead to FII outflows as global investors reduce risk exposure
Published on March 2, 2026
