The Reserve Bank of India intervened after the rupee breached the closely watched 92-per-dollar level, selling dollars to steady the currency, according to people familiar with the matter. The selloff in Indian assets mirrors a risk-off sentiment across the region, as traders remain anxious that crude oil prices may climb further following this. Asian stocks suffered their steepest drop in nearly a year, led by South Korea’s biggest plunge since the 2008 global financial crisis. For India, which imports nearly all its energy needs, higher crude prices risk reigniting inflation, which has been relatively subdued in recent months. He added that his year-end forecast of 93 for the rupee could materialise much sooner given the current risk-off sentiment.

Source: The Edge Markets March 04, 2026 06:34 UTC