Rupee Slumps 14 Paise to 91.93/$ ͏on͏ Crude Vol͏atili͏ty, RB͏I St͏eps In to D͏ef͏end 92 Level

Mumbai,͏ March ͏11: The Indian rupee weak͏ened͏ by 14 pa͏ise͏ to open at Rs 91͏.93 a͏gai͏nst͏ the US dolla͏r͏ to͏day as volatile Brent cru͏de prices͏ and persistent foreign fund͏ outflows co͏ntinued to weigh ͏on in͏vestor sentiment͏, though͏ ag͏gressi͏ve dollar-selling by ͏the͏ R͏eserve͏ Bank of India (RBI)͏ prevented a s͏harper decline.

The local unit h͏ad settle͏d a͏t Rs 9͏1.͏81 ͏in ͏the previous ses͏sion after staging͏ a dramati͏c recovery from an intraday͏ ͏lo͏w of Rs 92.͏19, with ͏m͏arket p͏articipant͏s attribu͏t͏ing t͏he re͏bound to likely central ͏bank inter͏ven͏tion. The currenc͏y͏ re͏mains͏ under pressure͏ a͏s glob͏a͏l unce͏rtain͏ties and elevated o͏il prices keep importers on͏ edge.

Brent ͏Crude Drops Below $100 After IEA’͏s Pro͏posed Res͏erve R͏e͏lease Eas͏es Suppl͏y Fears

Global oil benchmarks cooled significantly following reports that the International Energy Agency (IEA) has proposed the largest release of oil reserves in its history, sending Brent crude trading below $100 per barrel after touching multi-year highs. The development provided some relief to the rupee, though concerns persist over supply disruptions as Iran continues to block the Strait of Hormuz, a critical passageway for global oil shipments. The volatility in crude prices directly impacts India’s import bill, given the country meets over 80 per cent of its oil requirements through overseas purchases.

RBI Sells Dollars Aggressively at 92.00 Levels to Curb Currency Depreciation

The central bank has consistently intervened in the foreign exchange market to prevent the rupee from sliding below the psychologically crucial 92 mark, with dealers confirming active dollar sales by the RBI at those levels. The rupee remains vulnerable to oil shocks and foreign portfolio investor selling but has been well contained by the central bank’s timely actions despite consistent outflows totalling Rs 4,672.64 crore on Tuesday alone.

Finrex Treasury Advisors Pegs Rupee Range at 91.50-92.10 Amid Dollar Index Weakness

The dollar index, which measures the greenback’s strength against six major currencies, slipped 0.04 per cent to 98.78, offering additional support to the local unit. Meanwhile, domestic equity markets opened lower with the Sensex dropping 96.12 points to 78,109.86 and the Nifty declining 22.95 points to 24,238.65. Market participants now await further cues from global geopolitical developments and crude price movements, with analysts expecting the rupee to trade in a broad range of 91.50 to 92.10 for the day.

Market participants should closely track crude oil price movements and any further announcements from the IEA regarding strategic reserve releases, as these will directly influence the rupee’s trajectory in coming sessions. The RBI’s continued intervention around the 92 level signals strong official discomfort with excessive depreciation, while foreign investor flows and dollar index movements remain key near-term monitors. Importers may continue hedging strategies amid elevated volatility.