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The Indian rupee plunged as much as 110 paise on Friday, recording its steepest single-day rout since late 2022, after oil surged amid an unrelenting barrage of attacks by either side on respective energy installations in West Asia. It slumped to a historic low of 93.73 amid a report that New Delhi paid a significant price premium for its Thursday oil supplies before the unit closed at 93.71/$.

The pace of decline was rather quick, seemingly compensating for the Thursday trading holiday in Mumbai, with traders saying that market estimates of the central bank’s short dollar positions and sustained sales of Indian equity assets by overseas investors further pressured the rupee, which has lost more than 2.5% since the start of the Iran war.

The Reserve Bank of India (RBI) sold dollars at multiple levels on Friday, but traders said its interventions were aimed only at moderating the pace of depreciation, not reversing the pronounced downward trend.

“If the current trends continue, the rupee could weaken toward 94/$ to 95/$ levels, but the outlook remains highly fluid,” said Lakshmi Iyer, Group President, Investments, Bajaj Finserv. “Up until now, we have already seen reasonable intervention from the central bank, but beyond a point, the currency has to reflect the market equilibrium.”

The rupee had closed at 92.63/$ on Wednesday, LSEG data showed.

“With sustained FPI outflows and geopolitical uncertainty, the market is still searching for stability, and calling a firm range right now would be like throwing darts in the dark,” Iyer said.

One-Way Ticket

The rupee opened at 92.89/$ on Friday and consistently declined, crossing the 93/$ mark in the first hour of the day.
Traders said the RBI sold dollars at all key levels, 92.90/$, 93/$ and 93.50/$.

“There has been no positive news for the rupee since the war started, and though such a large fall wasn’t expected, it is understandable,” said Anil Bhansali, Head of Treasury at Finrex Treasury Advisors. “Importers are buying dollars to hedge their positions at almost all levels because they expect the currency to decline further, and at the same time, exporters have largely stopped hedging.”

Bhansali expects the rupee to trade in the range of 93.25/$ to 94.25/$ on Monday, as crude oil prices continue to stay above $100 a barrel.

Crude Oil India Basket stood at $156 per barrel on March 19, Petroleum Planning and Analysis Cell (PPAC) data showed, implying that India is paying a premium of $46 per barrel.

Brent crude prices are trading at $110 per barrel.

Reuters reported that Tehran attacked an oil refinery in Kuwait on Friday even as Tel Aviv vowed to avoid further attacks on Iran’s South Pars gasfield, a day after an Iranian retaliatory strike on Qatar caused damage that could cripple natural gas supplies for multiple years.

“Geopolitical tensions and their impact on crude prices will influence rupee levels. At the onset of the West Asia crisis, the rupee was expected to be between 93/$ to 94/$,” said Sameer Karyatt, MD and Head of Trading at DBS Bank. “But continuation in the conflict and upward pressure on crude oil prices are likely to guide the rupee towards the 94.50/$ to 95/$ range,” he said.

Rising crude oil prices fuel inflationary pressures and widen India’s current account deficit by increasing the import bill. They also weigh on economic growth by raising input costs for businesses and reducing consumption demand.

KUWAIT CITY — Kuwait International Airport (KWI), the primary gateway for the State of Kuwait, remains fully closed to commercial passenger traffic as of March 21, 2026, with no immediate reopening date announced amid escalating regional security tensions and physical damage from recent drone strikes.

The Directorate General of Civil Aviation (DGCA) has suspended all incoming and outgoing flights since early March, following a series of incidents attributed to the broader Middle East conflict involving Iran, Israel, the United States and allied nations. Authorities cited damage to critical infrastructure — including Terminal 1, portions of the runway, fuel depots and the airport’s radar system — as the primary reason for the indefinite closure.

Official flight status pages on the Kuwait International Airport website show no arrivals or departures scheduled for today. A search for flights on March 21 returns the message: “Unfortunately, we cannot find a flight. Please try a new search.” The arrivals and departures sections remain blank, last updated early this morning with no active listings. Flight tracking services like Flightradar24 and FlightStats report excessive delays or no operations, with current weather data available but no flight activity indicated.

The closure stems from multiple reported attacks. Sources indicate a drone strike late last week targeted the radar facility — the third such incident since March 2 — prompting authorities to halt operations for safety assessments and repairs. Falling debris from an intercepted drone earlier in the month caused structural damage to Terminal 1 and minor injuries to airport staff, according to aviation reports. While no major catastrophe occurred, the cumulative impact has rendered normal commercial service impossible.

Kuwait Airways, the national carrier, has postponed all flights indefinitely “due to the current situation in the region and in the interest of passenger and aircraft safety.” Chairman Abdulmohsen Al-Faqaan stated the airport infrastructure is “fully ready for operation” in principle but cannot be used while airspace restrictions persist and repairs continue. The airline has implemented rebooking policies, though options for immediate later dates remain limited.

Kuwait’s airspace, along with that of several neighbors including Iraq, Bahrain and parts of the Gulf, faces severe restrictions. Much of the regional airspace is either closed or heavily limited, forcing airlines to reroute or cancel services. Some Gulf carriers have shifted operations to alternative hubs like Dammam in Saudi Arabia for limited Kuwait-bound traffic.

The DGCA has prioritized repatriation efforts for Kuwaiti citizens stranded abroad. A comprehensive plan allows registered passengers with confirmed Kuwait Airways bookings to be airlifted to a designated Saudi airport before crossing into Kuwait by land. Registration deadlines passed earlier this month, with revised schedules distributed to affected individuals. Passengers are urged not to travel to the airport and to contact airlines directly for updates.

Travel advisories warn of major disruptions. Experts estimate repairs to runways, terminals and fuel systems could take several weeks, depending on the extent of damage and supply chain access amid the conflict. No official timeline for resumption has been released, leaving travelers uncertain. Social media and news outlets report ongoing suspension of normal operations, with hashtags like #KuwaitAirportClosed trending as passengers seek alternatives.

For those needing to enter or exit Kuwait, limited options exist. The land border with Saudi Arabia remains open in some capacities, allowing ground travel to nearby airports like Dammam or Jeddah for connecting flights. However, this requires appropriate visas and coordination, posing challenges for many expatriates and visitors.

The situation reflects wider aviation impacts from the regional crisis. Neighboring countries have experienced temporary airspace closures, though some — like the UAE — have reopened after brief precautionary measures. In Kuwait, the combination of physical infrastructure issues and security concerns has prolonged the shutdown.

Authorities emphasize passenger safety as the top priority. The DGCA continues structural evaluations and coordination with international partners for repairs. Aviation experts note that reopening will require verification of radar functionality, runway integrity and fuel supply security before any commercial flights resume.

Travelers with upcoming plans involving Kuwait should monitor official sources: the Kuwait International Airport website (kuwaitairport.gov.kw), Kuwait Airways flight status page and DGCA announcements. Airlines recommend checking directly for rebooking, refunds or waivers.

As the conflict shows no immediate signs of de-escalation, the closure underscores the vulnerability of Gulf aviation hubs. For now, Kuwait International Airport stands silent, its runways empty as the nation navigates one of its most significant aviation disruptions in recent history.

Passengers are advised to avoid heading to the airport and to seek real-time updates from carriers. The situation remains fluid, with potential changes dependent on regional developments and repair progress.