Rupee Opens Higher At ₹93.64 Against U.S. Dollar As Crude Oil Prices Decline

The Indian rupee opened 34 paise higher at ₹93.64 against the U.S. dollar on March 24, 2026, rebounding from its all-time low in the previous session as global crude oil prices eased, according to market data.

Invest in Indian Markets and Unlock Future Potential With 5paisa!

Open Account Now

The domestic currency had closed at ₹93.98 per dollar on March 23, marking its weakest recorded level. The recovery comes after a sharp decline in crude oil prices, which influences India’s import bill and currency movements.

Crude Oil Prices Drop After U.S. Policy Signal

Global oil prices fell nearly 10% after U.S. President Donald Trump announced a five-day pause on proposed strikes targeting Iran’s power and energy infrastructure. In a social media post, Trump stated that the move was aimed at allowing discussions toward a “complete and total resolution” of hostilities in West Asia.

Following the announcement, Brent crude declined from around $114 per barrel to levels slightly above $100, according to market data. Despite the drop, crude oil prices remain elevated compared to earlier levels.

Iran, however, denied holding any direct talks with the U.S., according to international media reports. According to a report published by The Wall Street Journal, Saudi Arabia and the United Arab Emirates may consider involving themselves in the conflict.

Previous Pressure On Rupee

The rupee had faced pressure in the recent trading sessions following the rise in crude oil prices due to geopolitical situations. The increase in crude oil prices generally results in an increase in the cost of imports to India, as India imports a significant portion of its crude oil requirements.

The rise in crude oil prices also leads to an increase in the current account deficit, which in turn affects the movement of the domestic currency against the dollar, as indicated by macroeconomic principles.

Market Factors Remain Active

The movement of the rupee continues to be related to global factors, mainly the crude oil market and geopolitical situations in West Asia. The market is also keeping an eye on global developments regarding the energy market.

As of March 24, the rupee seems to be making a partial recovery following the decline in oil prices.