Rupee breaches 93 against dollar for first time amid oil shock, foreign outflows

• Indian rupee weakened past 93 per dollar for the first time on March 20, extending losses.
• Elevated crude oil prices, sustained foreign fund outflows, and a stronger dollar are key factors.
• Rupee declined 2.63% in 2026, with a 1.8% drop since the Iran conflict began.
• Foreign investors pulled over $8 billion from Indian equities in March, largest monthly outflow since January 2025.
• RBI estimated to have sold over $15 billion in March to stabilize the rupee, with near-term support likely.