India, March 9 -- The Indian rupee is poised to plunge to an all-time low at Monday's open, battered by a relentless rally in global crude oil prices and deepening anxieties over India's external balances amid an escalating war in West Asia.

One-month non-deliverable forwards indicate the rupee will open in the 92.30 to 92.35 range against the greenback. This marks a sharp deterioration from Friday's close of 91.74 and threatens to eclipse the previous record low of 92.30 set just last week.

The currency's retreat is directly tied to a shock in global energy markets. Brent crude oil prices spiked more than 25% Monday to trade near $117 a barrel, extending a massive 28% rally from the previous week.

The roughly 50% cumulative surge in o...