Asian Currency

Rupee Hits Historic Low Against Dollar Amid West Asia Conflict & Crude Price Surge Triggering Rib-Tickling Memes

March 9, 2026


Amid the ongoing war on Iran, Indian Rupee has emerged as one of the biggest casualties. Rupee that had already been sliding from one historic low to another, hit the milestone of Rs 92.33 against the US Dollar as markets opened on a Black Monday that casually wiped out over Rs 13 lakh crore.

The present dip in Rupee’s valuation is primarily triggered by the Brent crude price surge of over 25%. Gas prices are now $117 a barrel! The last significant increase was in July 2022 amid a full-scale Russian assault on Ukrainian sovereignty. This nearly 50% rise in fuel prices is instigated by the US-Israel war on Iran and the blockade at the Strait of Hormuz.

India, a major exporter of oil, was strong-armed by the Trump-led government to buy energy from the US and Venezuela. However, tentatively for 30 days, the American government in its recent announcement “allowed” India to purchase Russian oil for 30 days. While India plays its diplomatic best in the West, it ain’t helping the citizens back home, as LPG prices for both domestic and commercial purposes have been hiked. Petrol and Diesel price hikes will follow, probably after the bypolls.

Meanwhile, INR will continue to take a toll along with other Asian currencies if the crude prices increase amid escalating war.

Here’s how the internet reacted to the whole episode of INR’s relentless drive to make a century against the Dollar.

See Also: More Rupee Scoop On Mashable India Here

Cover: Illustrative / Pexels





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