The Indian rupee plummeted to an all-time low of 95.80 against the US dollar, settling at 95.66, driven by elevated crude oil prices and escalating geopolitical tensions in West Asia, despite potential RBI intervention and import curbs on gold.
Indian equity benchmark indices Sensex and Nifty surged significantly in early trade, mirroring a global market rally and a drop in crude oil prices below USD 100 per barrel, driven by renewed hopes of diplomatic engagement between the US and Iran.
Indian benchmark equity indices Sensex and Nifty closed higher, recovering from previous losses, driven by a global market rebound, a pause in Israel-Iran hostilities, and a rally in bank stocks.
The rupee recovered to 95.18 against the US dollar after hitting an all-time intra-day low of 95.44. The recovery was supported by possible RBI intervention amid renewed Gulf tensions and rising crude oil prices.
Indian refiners are negotiating for additional crude cargoes from the US, Russia, and West Africa to ensure adequate supplies amid Middle East tensions. Refineries are maintaining normal processing rates and deferring maintenance to build reserves. The move comes as conflict impacts tanker movements through the Strait of Hormuz, a key energy transit route.
The Indian rupee depreciated by 28 paise to settle at 93.44 against the US dollar, influenced by ongoing uncertainties surrounding West Asia peace negotiations, volatile crude oil prices, and the Reserve Bank of India's recent adjustments to non-deliverable forward market regulations.
India will continue to purchase Russian oil based on commercial viability and energy security needs, irrespective of US sanctions waivers, according to a senior petroleum ministry official.
Gold prices in the national capital fell by Rs 600 to Rs 1.64 lakh per 10 grams, influenced by tentative progress in US-Iran negotiations, which reduced demand for precious metals. However, unresolved tensions surrounding the Strait of Hormuz continue to keep traders cautious.
Higher crude oil prices also translate into better corporate earnings for India's top companies
Foreign Portfolio Investors (FPIs) have withdrawn Rs 27,048 crore from Indian equities so far in May, bringing the total outflows for 2026 to Rs 2.2 lakh crore, driven by global macroeconomic and geopolitical uncertainties.
Indian stock markets tumbled sharply with the Sensex falling 800 points and nearly 4 lakh crore wiped out in a single session. Here are the 6 key factors, including rupee weakness and global cues, behind the crash.
Indian markets on Dalal Street rallied sharply as easing tensions in the US-Iran conflict and stable oil prices boosted sentiment. Track Nifty 50 and BSE Sensex performance and key global triggers.
Analysts predict that the ongoing conflict in West Asia, crude oil price fluctuations, and the US Federal Reserve's interest rate decision will significantly influence the Indian equity market this week.
Indian stock market benchmarks Sensex and Nifty rebounded strongly after a two-day decline, driven by falling crude oil prices and positive global cues amid hopes of de-escalation in the Middle East.
Petrol diesel price today March 20, 2026: IOCL & HPCL hike premium petrol (XP95, Speed, Power) by 2/litre and industrial diesel by 22/litre. Regular petrol in Delhi 94.77, diesel 87.67 unchanged. Full city-wise rates inside.
India's net oil import bill could rise by $56 billion to $64 billion annually assuming global crude averages $110 to $115 per barrel in FY27.
RBI Governor Sanjay Malhotra stated that the central bank is closely monitoring whether the supply shock from the West Asia conflict will lead to a generalised price rise, potentially necessitating monetary policy action.
Petrol price has been increased by 87 paise in Delhi from Rs 98.64 to Rs 99.51 per litre. Diesel rates have gone up by 91 paise from Rs 91.58 to Rs 92.49.
Donald Trump defends the recent surge in global oil prices, arguing it's a necessary short-term cost to eliminate Iran's nuclear threat and ensure global security.
A US-sanctioned tanker carrying Iranian crude oil is heading to India, marking the resumption of oil imports from Iran after seven years.
Indian equity markets experienced a significant downturn, with the Sensex and Nifty plummeting due to rising crude oil prices, geopolitical tensions in West Asia, and continuous foreign fund outflows.
Indian stock markets experienced a significant rally following the announcement of a US-Iran ceasefire, coupled with a drop in crude oil prices. The Sensex and Nifty both closed nearly 4 per cent higher, mirroring gains in global markets.
Domestic cooking gas (LPG) prices have increased by Rs 29 per cylinder, marking the second hike in three months due to rising global energy costs. This follows broader fuel price increases for petrol, diesel, and CNG, with state-owned retailers still incurring significant losses despite the revisions.
The basket of crude oil that India buys has hit a decade high of $121 per barrel, but retail selling prices of petrol and diesel continue to remain frozen. The Indian basket on June 9 touched $121.28, matching levels seen in February/March 2012, according to data available from the oil ministry's Petroleum Planning and Analysis Cell (PPAC). As per the PPAC, the Indian basket of crude oil averaged $111.86 per barrel between February 25 and March 29 - the immediate period after Russia's invasion of Ukraine sent oil on fire.
Brent crude prices surged sharply on Monday, rising by more than 25 per cent to $116.5 per barrel, amid the ongoing conflict in West Asia, which has made crude prices bullish.
Petrol diesel price today March 20, 2026: IOCL & HPCL hike premium petrol (XP95, Speed, Power) by 2/litre and industrial diesel by 22/litre. Regular petrol in Delhi 94.77, diesel 87.67 unchanged. Full city-wise rates inside.
The rupee weakened to a record low against the US dollar due to Gulf tensions, rising oil prices, and foreign capital outflows.
India possesses approximately 100 million barrels of commercial crude oil stocks, capable of covering 40-45 days of its requirements if flows through the Strait of Hormuz are disrupted, according to Kpler.
A recently finalised peace deal between the US and Iran, set to be signed on June 19, is expected to significantly benefit India's economy by boosting exports to West Asia, stabilising the rupee, and easing inflationary pressures, according to exporters and experts.
The Indian rupee fell to a record low against the US dollar due to rising crude oil prices, foreign institutional investor selling, and weak domestic equity market sentiment.
The Indian rupee rebounded against the US dollar after the Reserve Bank of India (RBI) restricted banks' net open positions in dollars. This move prompted banks to sell dollars, providing temporary support for the rupee amidst ongoing geopolitical tensions and rising oil prices.
Indian benchmark indices, Sensex and Nifty, closed marginally higher after a volatile trading session, driven by value buying in IT and select blue-chip counters, despite global crude price hikes and a weak rupee.
The Reserve Bank of India's (RBI) cap on banks' forex positions provided only a temporary boost to the rupee, with the currency quickly reversing gains and breaching the 95-per-dollar mark due to persistent underlying pressures.
'FPIs are unlikely to return unless there is equilibrium between valuation premium and earnings growth.'
Come December, India may have to re-evaluate purchases of Russian oil if a price cap on crude oil proposed by the US and the European Union (EU) comes into effect. That impacts nearly a quarter of India's oil purchases that come at a discount, helping limit marketing losses for India's state refiners and enabling New Delhi to manage inflation by freezing pump prices of motor fuels. In September, India imported 1 million barrels a day or 24 per cent of its overall imports from Russia, which became the biggest supplier of oil to India.
Indian stock market indices Sensex and Nifty experienced a significant drop in early trade, reversing a three-day rally. The decline was triggered by a sharp increase in crude oil prices, weak global market trends, and continuous outflows of foreign funds.
Net mutual fund inflows into active equity schemes in India plummeted by 40 per cent month-on-month in May, reaching a one-year low of 22,908 crore, primarily due to weaker lump-sum investments and increased redemptions amidst significant market volatility and global uncertainties.
Small- and midcap stocks have delivered their biggest monthly rally in 12 years, but rising oil prices and global tensions could make the road ahead volatile.
India is back on the diplomatic table pushing oil producing countries to raise production in a bid to cool down runaway oil prices. Brent crude oil prices traded above $90 a barrel, on Thursday, for the first time since 2014. Brent is the most popular marker for crude oil trade. It is used as a benchmark for two-thirds of the world's internationally traded crude oil.
Foreign brokerages have started to cut their year-end targets for the Nifty 50 index amid the ongoing West Asia conflict.
