INR vs USD: Rupee Hits Record-Low, Touches 95 Mark Against US Dollar
After having rallied 1.3% on Monday, March 30, the rupee declined to hit a new all-time low of Rs 95 against the US dollar.
Rupee vs USD: After having rallied 1.3% on Monday, March 30, the rupee declined to hit a new all-time low of Rs 95 against the US dollar.
This comes after the Reserve Bank of India (RBI) last week directed banks to limit net open exposure to the currency in the foreign exchange market to $100 million by the end of each day.
Meanwhile, worries over elevated oil prices have placed stocks in domestic bourses en route to record for their worst monthly drop since March 2020 and bonds on track for their worst fiscal year since 2023.
"The bottom line is that the RBI's cap does not change the underlying dynamics that fuelled pressure on the currency," Barclays analysts said in a Monday note, citing a Reuters report.
"The INR remains particularly vulnerable to an oil supply shock, while India's balance of payments position may deteriorate further, and capital and financial account pressures are increasing," it noted.
While RBI's cap on onshore position limits were expected to lead to dollar selling by banks in the domestic foreign exchange market, the relief was expected to be temporary in nature as the directive has made banks wary of possible losses.
On Friday, INR has hit a low of 94.81 against the USD. While RBI’s measure was aimed at halting the rupee’s decline by limiting how much foreign currency exposure banks can maintain onshore, several such measures are expected in the near future.
Amid rupee hitting a record-low, the Nifty50 stood 2.14% lower at 22,331.40 level, while Sensex also shredded over 2% at 71,947.55.
Published By : Deepti Verma
Published On: 30 March 2026 at 15:14 IST