Rupee Edges Higher: Gains 2 Paise to 91.62 Against US Dollar Amid Global Volatility

New Delhi, March 6, 2026 – In a session marked by cautious optimism, the Indian rupee registered a slight gain of 2 paise, settling at 91.62 against the U.S. dollar on Friday, March 6, 2026. The marginal recovery comes as a breather for the domestic currency, which has faced significant heat recently due to escalating geopolitical tensions in West Asia and surging global crude oil prices.

Relief from Energy Supply Pressures

A primary driver for the rupee’s stability on Friday was the announcement from the U.S. administration regarding a 30-day waiver for Indian refiners. This temporary measure allows for the purchase of Russian oil cargoes already in transit, effectively easing immediate concerns over global energy supply disruptions.

U.S. Treasury Secretary Scott Bessent noted that the “stop-gap measure” is intended to alleviate the economic pressure caused by ongoing conflicts in the Middle East, specifically citing attempts to “take global energy hostage.” For India, which imports over 85% of its fuel requirements, this waiver acts as a vital cushion against a ballooning import bill.

Market Dynamics and RBI Intervention

At the interbank foreign exchange market, the rupee opened at its previous close of 91.64 and fluctuated within a narrow range before settling at 91.62. While the domestic currency showed resilience, its upward momentum was restricted by several factors:

• Equity Market Outflows: Sluggishness in domestic stock markets and persistent selling by Foreign Institutional Investors (FIIs) continued to weigh on sentiment.
• Dollar Strength: Despite a slight retreat, the American currency remains relatively firm on the global stage.
• Central Bank Support: Market analysts suggest that the Reserve Bank of India (RBI) has been actively intervening through state-run banks to prevent the rupee from sliding further toward the record lows of 92.30 seen earlier this week.

Comparative Performance

The current week has been a roller-coaster for the Indian forex market. After slumping to an all-time low of 92.05 on Wednesday, the rupee has managed a cumulative recovery of approximately 43 paise over the last two sessions.

Outlook: Navigating Geopolitical Headwinds

Looking ahead, experts believe the rupee’s trajectory will remain tethered to the evolving situation in West Asia. While the 30-day U.S. waiver provides short-term relief, the underlying volatility in Brent crude—which has recently hovered near the $83 per barrel mark—remains a significant risk to India’s fiscal deficit and inflationary outlook.

Forex traders expect the USD-INR spot price to trade within a range of 91.30 to 92.10 in the coming days, with the RBI likely to maintain its “vigilant” stance to curb excessive volatility.