Rupee vs USD, March 20: Indian currency hits new low of 93.81 against greenback

Indian rupee surged past 93.08 against the benchmark US dollar in the early trading session on Friday, March 20, 2026, with a stronger US greenback due to continuing demand for the currency and foreign investors' outflow amid the US-Iran conflict in West Asia.

At the opening bell of the interbank foreign exchange, the Indian currency opened at 92.92 against the US dollar and then breached the 93 levels, to a new low of 93.81 against the greenback on Friday.

According to a PTI report, this move comes after the rupee dropped to a record low level of 92.89 against the US dollar earlier this week, on Wednesday. The forex markets were closed in India due to the Gudi Padwa holiday.

Analysts predicted that the foreign portfolio investors (FPIs) were sellers of the currency on Thursday when the benchmark stock indices NIFTY and SENSEX dropped to a 21-month low, while the US dollar index rose.

The high crude oil prices above the $100 per barrel (bbl) were also adding further pressure on the Indian rupee, with India being a major importer of the energy source. According to a PTI report, the positive opening of the benchmark Indian stock market indices cushioned the rupee against a sharper fall.

US dollar snapshot

The US dollar index was trading above the 100 level during Thursday’s market session, before cooling down a bit to around 99 levels. On Thursday, the foreign institutional investors (FIIs) sold equities worth ₹7,558.19 crore on a net basis on the stock exchange.

According to the Bloomberg US Dollar Spot Index, the greenback was trading 0.20% higher at 99.427 as of 1:22 a.m. (EDT) on March 20, 2026, on the backdrop of mixed global cues and looming tensions in West Asia.

The demand for the US dollar rising in the global economy also served as a trigger in the rally in currency rates over the last few days, in turn imposing pressure on the emerging market currencies.