Rupee plummets 31 paise to settle at 90.99 against U.S. dollar

The rupee plunged 31 paise to settle at 90.99 (provisional) against the U.S. dollar on Friday (February 20, 2026), tracking a strong American currency against major currencies and higher crude oil prices amid intensifying US-Iran tensions.

Positive momentum in domestic equity markets failed to support the Indian, forex analysts said.

They attributed the strengthening greenback and volatile crude prices to heightened tension between the U.S. and Iran, with both countries signalling they are prepared for war if talks on Tehran’s nuclear programme fizzle out.

At the interbank foreign exchange, the rupee opened at 90.94 against the U.S. dollar and touched the intraday low of 91.04 during the session. It ended the session at 90.99 (provisional), registering a steep loss of 31 paise from the previous closing level.

The rupee rose 4 paise to settle at 90.68 against the U.S. dollar on Wednesday (February 18). The currency exchange markets were closed on Thursday on account of Chatrapati Shivaji Maharaj Jayanti.

Anuj Choudhary, Research Analyst, Mirae Asset ShareKhan, said the rupee declined on geopolitical tensions and a strong dollar. Surge in crude oil prices also weighed on the domestic currency. However, positive domestic markets cushioned the downside.

“We expect the rupee to trade with a slight negative bias on escalating geopolitical tensions and strengthening of the dollar,” he said, adding, “USD-INR spot price is expected to trade in a range of ₹90.70 to ₹91.30.” Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading higher by 0.01% at 97.86.

Brent crude, the global oil benchmark, was trading 0.50% lower at $71.50 per barrel.