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The Indian Rupee (INR) opens lower against the US Dollar (USD) on Tuesday after a strong recovery move the previous day. The USD/INR pair recovers to near 94.28 from the immediate low of 93.30 as the US Dollar gains ground after a steep retracement on Monday, which was driven by the announcement from United States (US) President Donald Trump that he has postponed scheduled military strikes on Iranian power plants for five days. US Dollar’s recovery supports USD/INR As of writing, the US Dollar Index (DXY), which tracks the Greenback’s value against six major currencies, trades 0.25% higher to near 99.40 after recovering from the weekly low of 98.88 posted the previous day. The US Dollar recoups over half of its previous day’s losses as Iran has denied any involvement in negotiations with the US over resolving hostilities in the Middle East. On Monday, US President Trump announced that he has instructed the Department of War to hold scheduled military attacks on Iran’s power plants for five days, citing that Washington is having “very good and productive conversations” with Tehran regarding a complete and total resolution of hostilities in the Middle East. The US Dollar has outperformed strongly in the past few weeks due to an increase in demand for safe-haven assets amid Middle East conflicts and surging energy prices, which have discouraged traders from betting on the Federal Reserve’s (Fed) interest rate cuts this year. Market experts believe that higher energy prices due to oil supply disruption are expected to stay longer as the damage to energy infrastructure in Gulf economies amid the war is unlikely to be repaired soon, signaling persistent firmness in the US Dollar. “The war has resulted in lasting damage to infrastructure, so even if it’s over soon, energy prices may well remain higher,” analysts…

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Filed under: News - @ March 24, 2026 6:28 am