Stock markets fall 1%, rupee falls past 94/$ on Iran war, crude oil prices
The rupee has now fallen around 3.5% since the war started in West Asia in late February, with Foreign Portfolio Investors (FPIs) having pulled out $13.4 billion in total from Indian financial markets so far in March – the highest monthly figure ever.
Sensex on Friday opened 800 points down, while Nifty opened opened above 23,000. Following the excise duty reduction by the Centre on Friday, oil stocks have showed an upward trend. Indian stock markets were down over 1% on Friday, tracking major global counterparts, after crude oil prices returned to above $100 per barrel levels following Iran’s rejection of a US proposal to end the war. The same factors weighed on the rupee, which fell past the 94-per-dollar level for the first time on Friday and at 1010am was trading at 94.28 after touching a new record low of 94.30.
The rupee has now fallen around 3.5% since the war started in West Asia in late February, with Foreign Portfolio Investors (FPIs) having pulled out $13.4 billion in total from Indian financial markets so far in March – the highest monthly figure ever. Of this, a net $12.1 billion has been withdrawn from equity markets. The heavy outflows have pulled the rupee down sharply this month and broken past the 92-, 93-, and now 94-per-dollar levels just this month. The Indian currency had weakened below 90- and 91-per-dollar back in December 2025.
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