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The Indian rupee opened weaker on March 9 due to surging crude oil prices and global risk-off sentiment. The Reserve Bank of India likely intervened to limit the decline.
By Anshul March 9, 2026, 9:10:10 AM IST (Published)
2 Min Read
The Indian rupee opened sharply weaker on Monday (March 9), hovering close to its all-time low, as surging crude oil prices and a broad risk-off mood across global markets weighed on Asian currencies.
The rupee opened at 92.20 per US dollar, compared with 91.74 in the previous session, after briefly weakening to around 92.30 in early offshore trade, traders said.
Market participants said the Reserve Bank of India likely stepped into the foreign exchange market before the domestic spot market opened to limit the currency’s decline.
According to traders, the central bank’s intervention helped the rupee recover slightly from around 92.30 to 92.20 in the interbank order matching system before the official market open.
The currency had touched a record low of 92.3025 last week, and Monday’s opening levels kept it close to those historic lows.
Pressure on the rupee intensified after crude prices surged sharply amid escalating tensions involving the United States, Israel and Iran. Benchmark Brent crude jumped more than 20%, fuelling concerns over supply disruptions in the Middle East and raising fears of prolonged volatility in global energy markets.
The spike in oil prices triggered a broad selloff across Asian equities and currencies, as investors moved towards safer assets.
Higher crude prices pose a particular challenge for India, one of the world’s largest oil importers, as they increase the country’s import bill, risk widening the current account deficit and add pressure on the rupee.
Apart from global factors, markets are also watching domestic fiscal developments after the Government of Maharashtra announced a farm loan waiver of up to ₹2 lakh per farmer, a programme estimated to cost around ₹35,000 crore, which some analysts say could add to fiscal pressures.
Analysts expect the rupee to remain volatile in the near term as elevated oil prices, geopolitical tensions and foreign investor outflows continue to drive sentiment in currency markets.
-With agencies inputs
