Rupee slumps 23 paise to hit an all-time low against U.S. dollar

The rupee dropped 23 paise to close at 93.76 against the U.S. dollar on Tuesday (March 24, 2026) as a strengthening greenback against major crosses and elevated global crude prices spooked investors.

Foreign fund outflows amid uncertainties over the West Asia crisis further weighed on the local unit, Forex traders said.

At the interbank foreign exchange, the local unit opened at 93.66 against the greenback and remained volatile throughout the session. It eventually settled at 93.76, down 23 paise from its previous close.

The rupee breached the 94-level against the U.S. dollar for the first time on Monday (March 23, 2026), before closing flat at 93.53.

“Persistent FPI outflows continue to pressure INR. A strong US dollar is keeping emerging market currencies weak, and the INR has weakened by about 4.5 per cent during the month. The rupee range for Wednesday is expected to be 93.65 to 94.25,” Anil Kumar Bhansali, Head of Treasury and Executive Director, Finrex Treasury Advisors LLP, said.

Mr. Trump on Monday (March 23, 2026) said the U.S. was talking with a “respected” Iranian leader and claimed the Islamic Republic was eager for a deal to end the war.

He also extended the deadline for Iran to reopen the crucial Strait of Hormuz or face attacks on its power plants, saying it has an additional five days.

However, Iran’s denial of Mr. Trump’s claims and continued hostilities in the region created uncertainty, pushing up global crude oil prices. The dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading 0.23 per cent higher at 99.18.

Brent crude, the global oil benchmark, was trading 1.45% lower at $101.4 per barrel in futures trade.

On the domestic equity market front, the Sensex rose sharply by 1,372.06 points, or 1.89%, to 74,068.45, while the Nifty was up 209.65 points, or 0.93%, to 22,722.30.

Foreign institutional investors sold equities worth ₹8,009.56 crore on a net basis on Tuesday (March 24, 2026), according to exchange data.