Rupee slumps 23 paise to hit an all-time low against U.S. dollar

Rupee falls 23 paise to an all-time low of 93.76 against the U.S. dollar amid foreign fund outflows and global uncertainties.

The rupee dropped 23 paise to close at 93.76 against the U.S. dollar on Tuesday (March 24, 2026) as a strengthening greenback against major crosses and elevated global crude prices spooked investors.

Foreign fund outflows amid uncertainties over the West Asia crisis further weighed on the local unit, Forex traders said.

At the interbank foreign exchange, the local unit opened at 93.66 against the greenback and remained volatile throughout the session. It eventually settled at 93.76, down 23 paise from its previous close.

The rupee breached the 94-level against the U.S. dollar for the first time on Monday (March 23, 2026), before closing flat at 93.53.

"Persistent FPI outflows continue to pressure INR. A strong US dollar is keeping emerging market currencies weak, and the INR has weakened by about 4.5 per cent during the month. The rupee range for Wednesday is expected to be 93.65 to 94.25," Anil Kumar Bhansali, Head of Treasury and Executive Director, Finrex Treasury Advisors LLP, said.

Mr. Trump on Monday (March 23, 2026) said the U.S. was talking with a "respected" Iranian leader and claimed the Islamic Republic was eager for a deal to end the war.