The rupee slumped 23 paise to close at a record low of 92.63 (provisional) against the U.S. dollar on Wednesday (March 18, 2026), weighed down by a stronger greenback and sustained FII outflows.

Elevated crude oil prices in global markets amid intensifying conflict in West Asia further dampened sentiments, forex traders said.

At the interbank foreign exchange, the local unit opened at 92.42 against the greenback and traded in the range of 92.41-92.48 for most of the session before losing ground at the fag end to close at its record low of 92.63 (provisional), down 23 paise from its previous close.

The rupee logged its record intra-day low of 92.65 during the session.

Earlier on Tuesday (March 17), the domestic hit its previous lowest intra-day level of 92.47 against the dollar before settling at an all-time low of 92.40.

“The rupee hit a new low ahead of the major central banks meetings… as the Reserve Bank of India allowed the 92.50 level to be breached,” Anil Kumar Bhansali, Head of Treasury and Executive Director, Finrex Treasury Advisors LLP, said.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading 0.05% higher at 99.62.

Brent crude, the global oil benchmark, was trading flat at $103.4 per barrel in futures trade.

On the domestic equity market front, the Sensex settled higher by 633.29 points, or 0.83%, to 76,704.13, while the Nifty also rose sharply by 196.65 points, or 0.83%, to 23,777.80.

Foreign institutional investors sold equities worth ₹4,741.22 crore on a net basis on Tuesday (March 17), according to exchange data.