Indian rupee closes at record low 94.83 per US dollar
Business
The Indian rupee just hit its lowest point ever, closing at 94.83 against the US dollar on Tuesday, March 31, 2026 after a wild day of trading.
It actually started off stronger but quickly slipped past the 95 mark intraday for the first time, thanks to rising oil prices, a stronger dollar worldwide, and higher demand from importers, all while tensions in West Asia kept things shaky.
Reserve Bank of India intervention insufficient
The Reserve Bank of India tried to steady things by managing banks' dollar positions, which helped for a bit.
But as importers rushed to cover their needs and global uncertainty grew, those efforts weren't enough.
Add in foreign investors pulling money out due to geopolitical worries, and the rupee just couldn't hold its ground this week.