Meanwhile, India’s foreign exchange reserves declined $11.683 billion to stand at $716.810 billion in the week ended March 06, 2026.
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ALASHI
The rupee closed the week ended March 13 (Friday), 2026, at a record closing low, down 72 paise as compared with the previous Friday’s close of 91.74. In the preceding week, the rupee had closed 77 paise weaker.
Since the Israel-US alliance war with Iran started two weeks ago, the rupee has weakened about 150 paise. The Central bank has been intervening in the forex market, defending the currency at various levels, to reduce its volatility against the dollar.
The rupee opened about 16 paise weaker at 92.3450 per dollar on Friday and hit a high/low of 92.3050/92.4850.
Amit Pabari, MD, CR Forex Advisors, said a stronger dollar coupled with rising oil prices will exert pressure on the rupee.
“Since the conflict began, currencies of major energy-importing countries have weakened against the dollar….reflecting the higher cost of energy imports and the increased demand for dollars to pay for them.” he said.
Dilip Parmar, Senior Research Analyst, HDFC Securities, observed that the rupee weakened for the second consecutive week, settling at a fresh record low as a geopolitical worry weighed on the local currency.
“Surging global crude oil prices—driven by escalating tensions in West Asia—and sustained foreign fund outflows amid heightened risk aversion have kept the rupee under significant pressure. Furthermore, aggressive dollar demand from importers and traders intensified as the currency breached the record high,” he said.
Parmar noted that Spot dollar/rupee maintains a bullish bias, with immediate resistance anticipated between 92.50–92.70 and a support at 92.05.
Meanwhile, India’s foreign exchange reserves declined $11.683 billion to stand at $716.810 billion in the week ended March 06, 2026.
Published on March 13, 2026