Rupee recovers from record lows, settles 16 paise down at 92.17 against U.S. dollar

The rupee settles at 92.17 against the dollar, recovering from record lows amid rising crude prices and market volatility.

The rupee recovered from record low levels and settled with a loss of 16 paise at 92.17 (provisional) against the U.S. dollar on Thursday (March 12, 2026) as global crude oil prices stayed on an upward trajectory amid the raging war in West Asia.

A stronger greenback and volatility in the domestic equity markets further weighed on the rupee, which was already on a weak footing in early trade due to heavy foreign fund outflows, forex traders said.

At the interbank foreign exchange, the local unit opened at 92.25 but kept slipping to touch its record intra-day low against the greenback at 92.36. However, it recovered some of its lost ground and eventually settled at 92.17 (provisional), down 16 paise from its previous close.

The rupee previously recorded its lowest intra-day low of 92.35 against the greenback on March 9.

"The rupee declined, hitting a record low of 92.36 on weak domestic markets and rising crude oil prices. A positive U.S. dollar index and FII outflows, too, weighed on the rupee. However, the rupee recovered on supposed intervention by the RBI," Anuj Choudhary, Research Analyst, Mirae Asset ShareKhan, said.

"We expect the rupee to trade with a negative bias on a surge in crude oil prices and risk aversion in the global markets amid the ongoing geopolitical tensions in the Middle East as it entered the 13th day. Continued FII outflows may further pressure the rupee," he said.