USD/INR strengthens as US Dollar rallies amid US-Iran war
Oleh Sagar Dua
Tarikh Diterbitkan: 2 Mar 2026 | Tarikh Diubah: 2 Mar 2026
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The Indian Rupee (INR) starts the week on a negative note against the US Dollar (USD), with the USD/INR pair rising 0.25% to near 91.80 amid sour market sentiment and surging oil prices due to a brutal war between the United States (US) and Iran.
- The Indian Rupee falls sharply to near 91.80 against the US Dollar amid the US-Iran war.
- Middle East tensions have spiked the oil prices and triggered risk-off market sentiment.
- India’s Q4 GDP registers a strong 7.8% growth against estimates of 7.2%.
The Indian Rupee (INR) starts the week on a negative note against the US Dollar (USD), with the USD/INR pair rising 0.25% to near 91.80 amid sour market sentiment and surging oil prices due to a brutal war between the United States (US) and Iran.
S&P 500 futures trade sharply lower, and Asian stock markets plunge in the Asian trade on Monday, demonstrating a risk-off market sentiment.
The oil prices soar following reports of two attacks on tankers in or near the Strait of Hormuz amid the US-Iran war. WTI futures on the NYMEX are up over 4% to near $70, the highest level seen in over seven months. Currencies from countries like India that rely heavily on oil imports to meet their energy needs remain highly sensitive to changes in oil prices.
The table below shows the percentage change of Indian Rupee (INR) against listed major currencies today. Indian Rupee was the weakest against the US Dollar.
| USD | EUR | GBP | JPY | CAD | AUD | INR | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | 0.95% | 1.06% | 0.66% | 0.24% | 1.01% | 0.49% | 0.61% | |
| EUR | -0.95% | 0.11% | -0.28% | -0.70% | 0.06% | -0.46% | -0.35% | |
| GBP | -1.06% | -0.11% | -0.40% | -0.82% | -0.05% | -0.56% | -0.43% | |
| JPY | -0.66% | 0.28% | 0.40% | -0.40% | 0.36% | -0.15% | -0.02% | |
| CAD | -0.24% | 0.70% | 0.82% | 0.40% | 0.77% | 0.27% | 0.38% | |
| AUD | -1.01% | -0.06% | 0.05% | -0.36% | -0.77% | -0.51% | -0.39% | |
| INR | -0.49% | 0.46% | 0.56% | 0.15% | -0.27% | 0.51% | 0.13% | |
| CHF | -0.61% | 0.35% | 0.43% | 0.02% | -0.38% | 0.39% | -0.13% |
The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the Indian Rupee from the left column and move along the horizontal line to the US Dollar, the percentage change displayed in the box will represent INR (base)/USD (quote).
Over the weekend, Israel and the US military launched a series of strikes against Iran in which their 48 leaders, including top leader Ayatollah Ali Khamenei, were killed, according to Fox News.
In response, Iran’s Islamic Revolutionary Guard Corps (IRGC) retaliated with missile and drone attacks against Israel and US military bases across the Middle East and several West Asian countries.
Meanwhile, Tehran has announced Ayatollah Alireza Arafi as its interim leader after the killing of Supreme Leader Ayatollah Ali Khamenei.
On the domestic front, India’s Q4 Gross Domestic Product (GDP) data has surprised markets after registering a 7.8% Year-on-Year (YoY) growth, faster than estimates of 7.2%, but slower than 8.2% in the third quarter of 2025.
After strong Q4 numbers, India’s Chief Economic Adviser V Anantha Nageswaran has revised GDP growth for the entire Financial Year (FY) 2026-27 to 7%-7.4% from the 6.8%-7.2% projected last month.
During the Asian trade, the US Dollar Index (DXY), which tracks the Greenback’s value against six major currencies, trades 0.23% higher to near 97.85 amid a risk-off mood. This week, the major trigger for the US Dollar will be the US Nonfarm Payrolls (NFP) data for February, which will be released on Friday.
Technical Analysis: USD/INR aims to revisit all-time high around 92.50
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USD/INR jumps to near 91.75 in the opening trade on Monday, the highest level seen in a month. The pair demonstrates a mild bullish bias as price holds above the 20-day Exponential Moving Average, which is starting to edge higher again after a period of consolidation.
The 14-day Relative Strength Index (RSI) jumps vertically to 65.00 after consolidating in the 40.00-60.00 range for a month, hinting at the onset of a fresh bullish momentum.
As long as the pair stays above the 20-day EMA, the odds remain high that it could revisit the all-time high of 92.50. On the downside, the 20-day EMA around 91.05 forms first support, with a deeper pullback exposing the late-February trough at 90.60. A daily close below 90.60 would negate the current bullish bias and shift focus toward the 90.25 zone.
(The technical analysis of this story was written with the help of an AI tool.)
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