The rupee rose 16 paise to 95.66 against the U.S. dollar on July 29. File
| Photo Credit: Getty Images/iStockphoto
The rupee rose 16 paise to 95.66 (provisional) against the U.S. dollar on Wednesday (July 29, 2026), extending its gaining streak for the fourth straight session, amid hectic buying in domestic equity markets and lower global crude prices.
Foreign capital inflows and a weak American currency ahead of the U.S. Federal Reserve’s interest rate decisions also supported the local unit, forex traders said.
At the interbank foreign exchange, the rupee opened at 95.70 and touched the intraday low of 95.80 against the greenback. The unit hit the day’s high of 95.48 before ending the session at 95.66 (provisional) against the dollar, up 16 paise from its previous close.
The local currency settled 17 paise higher at 95.82 against the U.S. dollar on Tuesday (July 28, 2026), after gaining 74 paise in the previous two back-to-back sessions.
Anuj Choudhary, Research Analyst, Mirae Asset ShareKhan, said the rupee gained on positive domestic markets and fresh Foreign Institutional Investor (FII) inflows. A soft dollar also supported the rupee.
The U.S. dollar has eased ahead of the FOMC (Federal Open Market Committee) meeting decision, Mr. Choudhary said, adding that, “USD-INR spot price is expected to trade in a range of ₹95.20 to ₹95.90”.
Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading down 0.04% at 101.22.
Brent crude futures, the global oil benchmark, were trading 3.78% higher, but remained lower at $87.27 per barrel.
According to analysts, even as mediators tried to get the U.S. and Iran back to negotiations and toward a ceasefire, crude oil prices rose overnight as the brief pause in fighting was shattered after the U.S. military said that Iran launched multiple ballistic missiles at American forces on Tuesday (July 28, 2026).
All Iranian missiles were successfully intercepted, U.S. Central Command said in a statement, adding that U.S. forces “remain vigilant and at a high state of readiness”.
On the domestic equity market front, Sensex surged 888.68 points, or 1.16%, to settle at 77,654.60, while the Nifty closed up 264.85 points, or 1.10%, to 24,250.20.
FII purchased equities worth ₹755.33 crore on a net basis on Tuesday (July 28, 2026), according to exchange data.
On the macroeconomic front, the government data released on Tuesday (July 28, 20226), showed the country’s industrial output rose by 7.3% in June compared to 5.1% in the preceding month on the back of improved manufacturing sector performance and strong growth of the electricity and gas supply sector.
Published – July 29, 2026 05:44 pm IST
