- By Aditya Pratap Singh
- Wed, 18 Mar 2026 04:20 PM (IST)
- Source:JND
The rupee slumped 23 paise to close at a record low of 92.63 against the US dollar on Wednesday, weighed down by a stronger greenback and sustained FII outflows. The decline came amid the Indian stock market settling sharply higher for the third consecutive day.
"The rupee traded sharply weaker by 18 paise (-0.21%) at 92.60, marking fresh all-time lows, as persistent pressure from a rising import bill continues to weigh on the currency. Elevated crude oil prices, coupled with ongoing shipment disruptions through the Strait of Hormuz, are increasing concerns over sustained higher import costs for India," said Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities.
The macro backdrop remains unfavourable, with crude likely to stay elevated for a prolonged period, keeping the rupee under pressure.
"Market participants are now closely tracking the US Fed policy decision today, which will be a key trigger for dollar direction and, in turn, influence the rupee’s trajectory," Trivedi noted.
Stock Market Rally Today
In contrast to the rupee, the Indian stock market settled the session nearly 1 per cent higher, extending the winning momentum for the third day in a row. A slight drop in crude oil prices, firm global cues and sustained value buying backed the rally. Additionally, a rally in IT stocks fueled the momentum as well.
The 30-share BSE Sensex rose 633.29 points, or 0.83 per cent, to 76,704.13. The 50-share NSE Nifty was up 196.65 points or 0.83 per cent at 23,777.80.
Eternal, Tech Mahindra, Infosys, Mahindra & Mahindra, HCL Tech, Adani Ports, Tata Consultancy Services and Axis Bank were among the top gainers in the 30-share Sensex.
Meanwhile, NTPC, Hindustan Unilever, Sun Pharma and HDFC Bank were among the laggards.