The rupee depreciated to a fresh low of ₹92.3 per dollar after Iran’s new Supreme Leader, Mojtaba Khamenei, said that the Strait of Hormuz (SoH) would stay closed keeping oil prices sticky at over $100 per barell (bbl).
The pair traded at a narrow range, opening at ₹92.33 and escalating to ₹92.47 and reaching a low of ₹92.28 and is trading at this range as of 3:30 p.m.
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The rupee traders sold to hedge their holdings from further depreciation.
“The Rupee has remained vulnerable and in the absence of RBI could have reached 93.00 levels sooner than later. Indian is trying hard to manage the show by getting oil and gas from different nations and has been successful till now with no shortage of Petrol/Diesel reported though there have been some shortages of LNG gas reported. The rise of prices will also affect the countries CAD as well as Fiscal Deficit and if the war continues longer it could show in next year’s CAD and Fiscal deficit and will be indicated in the rupee’s vulnerability. While Importers need to buy all dips exporters may sell only small amounts to mitigate the risk the other way round,” said Anil Bhansali, Executive Director & Head of Treasury, Finrex Treasury Advisors LLP.
Further, Foreign Institutional Investors (FII) sold stocks worth ₹58,676 crore as of 13, March further accentuating.
“Crude oil prices surged yesterday, with WTI rising above $97/bbl and Brent approaching $102/bbl, driven by escalating geopolitical tensions in West Asia and concerns over prolonged supply disruptions through the Strait of Hormuz. The rally followed the first public remarks by Mojtaba Khamenei since assuming the position of Iran’s supreme leader, who reiterated that keeping the Strait of Hormuz closed should remain a strategic tool to pressure the United States and Israel,” said Kaynat Chainwala, AVP Commodity Research, Kotak Securities.
Published - March 13, 2026 10:00 am IST
