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The Indian Rupee (INR) surges in the opening trade against the US Dollar (USD) on Thursday. The USD/INR pair plunges to near 91.80 as the Reserve Bank of India (RBI) has intervened in the foreign exchange market to offer support to the Indian Rupee against one-way excessive moves, according to Reuters. The RBI was highly anticipated to intervene as the USD/INR pair hit a fresh all-time high of 92.67 on Wednesday amid a significant outflow of foreign funds from the Indian stock market and higher oil prices due to the war in the Middle East. In the first two trading days of March, Foreign Institutional Investors (FIIs) have offloaded their stake worth Rs. 12,048.29 crore, almost double what they pared in the entire February. FIIs continue to distance themselves from the Indian equity market despite improving trading relations between the United States (US) and India. Meanwhile, rising global oil prices due to the war between the US, Israel, and Iran have badly battered the currencies of nations that rely heavily on oil imports to meet their energy needs. The war in the Middle East seems unlikely to stop anytime soon, as US President Donald Trump has stated that it will continue for four to five weeks. Meanwhile, Iran has also denied reports signaling Tehran’s openness to discuss truce terms with Washington. “No message has been sent from Iran to the US, nor will any response be given to US messages,” an official from Tehran said, Tasnim reported. Additionally, Tehran has also threatened a prolonged war. The New York Times (NYT) reported on Tuesday that operatives from Iran’s Ministry of Intelligence reached out indirectly to the US Central Intelligence Agency (CIA) with an offer to discuss terms for ending the conflict. The news led to a sharp correction in the US…

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Filed under: News - @ March 5, 2026 6:25 am