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| Photo Credit: Reuters

 At the interbank foreign exchange, the rupee opened at 88.69 against the U.S. dollar, and finally settled for the day with a loss of 7 paise at 88.79 (provisional), its lowest-ever closing level so far. File.
| Photo Credit: Reuters

At the interbank foreign exchange, the rupee opened at 88.80, registering a decline of 7 paise over its previous close. File.
| Photo Credit: Reuters

Rupee depreciated 5 paise to 88.16 against the U.S. dollar in early trade 
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A man counts Indian currency notes at a market in Bengaluru, India, August 1, 2025. REUTERS/Priyanshu Singh
| Photo Credit: Reuters

At the interbank foreign exchange, the rupee opened at 87.45 against the greenback and touched the intraday high of 86.61 during the session. File.
| Photo Credit: Reuters

The rupee on Tuesday (February 11, 2025) rallied 63 paise, recording its steepest single-day recovery in nearly two years, to settle at 86.82 (provisional) against the U.S. dollar, backed by dollar selling by banks.

According to forex traders, Tuesday’s sharp gain a day after sliding closer to the 88 level shows a highly volatile currency market amid concerns over the worldwide tariff war.

At the interbank foreign exchange, the rupee opened at 87.45 against the greenback and touched the intraday high of 86.61 during the session. The unit settled at 86.82 (provisional) against the dollar, registering a gain of 63 paise from its previous close.

The domestic unit had earlier recorded its steepest single-day gain on March 3, 2023, when it surged 63 paise from the preceding session.

On Monday, the rupee plunged 45 paise to near 88 per U.S. dollar levels in the first half but staged a dramatic rebound in the second half to end with gains at 87.45. Dollar selling by banks possibly on behalf of the RBI helped the rupee recover from all-time lows.

Anuj Choudhary – Research Analyst at Mirae Asset Sharekhan, said the rupee rallied by nearly 1 per cent, marking its biggest intraday gains in about two years on intervention by the Reserve Bank of India.

Choudhary said going further the rupee is expected to trade with negative bias amid weak tone in the domestic markets and sustained FII outflows.

“A strong US dollar and uncertainty over US trade tariffs may also pressurise the rupee. However, any further intervention by the RBI may support the rupee at lower levels. Traders may take cues from inflation data from US and India this week. USD-INR spot price is expected to trade in a range of Rs 86.50 to Rs 87.20,” he added.

Meanwhile, the U.S. dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading 0.01% lower at 108.18.

The elevated level of dollar index was attributed to escalating trade tensions after the U.S. imposed a 25% tariffs on aluminium and steel imports into the country.

Brent crude, the global oil benchmark, surged 1.23% to $76.80 per barrel in futures trade.

In the domestic equity market, the 30-share BSE Sensex crashed 1,018.20 points, or 1.32%, to settle at 76,293.60, while the Nifty tanked 309.80 points, or 1.32%, to 23,071.80 points.

Foreign institutional investors (FIIs) offloaded equities worth ₹2,463.72 crore in the capital markets on a net basis on Monday, according to exchange data.

 At the interbank foreign exchange, the rupee opened at 85.77, touched the day’s peak of 85.65 and hit an intraday low of 85.80 against the greenback
| Photo Credit: Reuters

The rupee fell 5 paise to settle at 85.73 (provisional) against the U.S. dollar on Tuesday (January 7, 2025), as higher crude oil prices and outflow of foreign funds continued to weigh on the local unit.

Forex traders said the rupee pared some of its intraday losses as the American currency retreated from its elevated levels. Moreover, the recovery in the domestic equity market also aided sentiments.

At the interbank foreign exchange, the rupee opened at 85.77, touched the day’s peak of 85.65 and hit an intraday low of 85.80 against the greenback. The unit settled at 85.73 (provisional) against the dollar, registering a fall of 5 paise from its previous close.

On Monday, the rupee settled 11 paise higher at 85.68 against the dollar. During intraday, the unit had hit the lowest-ever level of 85.84 against the American currency.

“We expect the rupee to trade with a negative bias on FII outflows and underlying strength in the US dollar amid expectations of no rate cut by Fed in January. However, any extended recovery in the domestic markets may support rupee at lower levels.

“Traders may take cues from ISM services PMI, trade balance and JOLTS jobs data from the US. USD-INR spot price is expected to trade in a range of Rs 85.50 to Rs 85.90,” Anuj Choudhary, Research Analyst at Mirae Asset Sharekhan, said.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading 0.30 per cent lower at 107.92, amid disappointing US services PMI and factory orders data, while President-elect Donal Trump dismissed rumours over stringent trade tariffs.

Brent crude, the global oil benchmark, rose 0.42 per cent to USD 76.62 per barrel in futures trade.

In the domestic equity market, the 30-share BSE Sensex jumped 234.12 points, or 0.30%, to settle at 78,199.11 points, while the Nifty climbed 91.85 points, or 0.39%, to 23,707.90 points. Both the indices had crashed 1.60% on Monday.

Foreign institutional investors (FIIs) offloaded ₹2,575.06 crore in the capital markets on a net basis on Monday, according to exchange data.

On the domestic macroeconomic front, India’s services sector growth touched a four-month high in December, supported by new business inflows on strong demand conditions and easing inflationary pressures, a monthly survey showed on Monday.

The seasonally adjusted HSBC India Services Business Activity Index, rose from 58.4 in November to 59.3 in December, highlighting the strongest rate of expansion in four months.

According to the World Gold Council (WGC), the Reserve Bank of India (RBI) continued with its 2024 buying streak, adding a further 8 tonnes to its gold reserves in November. This lifted the year-to-date buying to 73 tonnes and total gold holdings to 876 tonnes, maintaining its position as the second largest buyer in 2024, after Poland.

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| Photo Credit: Reuters

The rupee fell 2 paise to trade at 84.49 against the U.S. dollar in early trade on Friday (November 29, 2024) dragged down by significant foreign fund outflows and month-end dollar demand from importers.

Forex traders said the rupee remains in a weakening mode due to dollar demand from importers and foreign banks.

At the interbank foreign exchange, the rupee opened at 84.49 against the greenback, registering a fall of 2 paise over its previous close.

On Thursday, the rupee depreciated 7 paise to close at 84.47 against U.S. dollar.

As FPIs sold ₹11,000 crore of shares on Thursday Indian rupee was constantly on the selling side against the U.S. dollar which surged to its highest at 84.51 before closing at 84.4850 with the Reserve Bank of India (RBI) protecting any fall beyond 84.50 for now, Anil Kumar Bhansali, Head of Treasury and Executive Director Finrex Treasury Advisors LLP said.

“Good month-end demand for US dollar and FPIs buying it kept dollar well bid near to 84.50. Expect the buying to continue on Friday also,” Bhansali added.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading lower by 0.18% at 105.85.

Brent crude, the global oil benchmark, rose 0.14% to $73.38 per barrel in futures trade.

In the domestic equity market, the 30-share BSE Sensex rose 396.99 points or 0.50% to 79,440.73 in morning trade, while Nifty was up 128.00 points or 0.54% to 24,042.15 points.

Foreign Institutional Investors (FIIs) offloaded ₹11,756.25 crore in the capital markets on net basis on Thursday, according to exchange data.

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| Photo Credit: C. Venkatachalapathy

The rupee showed a recovery from its lower level and gained marginally by 1 paisa to 84.06 against the U.S. dollar in early trade on Monday (October 21, 2024), tracking positive cues from domestic equity markets and a soft American currency.

However, sustained outflow of foreign funds and an upward momentum in the crude oil prices weighed on the local unit, forex traders said.

At the interbank foreign exchange, the rupee opened at 84.06 against the greenback and stayed almost flat in early deals, trading 1 paisa higher from its previous close.

On Friday, the rupee slipped 1 paisa to close at 84.07 against the U.S. dollar.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was down by 0.05%to 103.25.

Brent crude, the international benchmark, advanced 0.33% to $73.30 per barrel in futures trade.

On the domestic equity market front, Sensex surged 457.90 points, or 0.56%, to 81,682.65 points. The Nifty also climbed 97.70 points, or 0.39%, to 24,951.75 points.

Foreign institutional investors (FIIs) were net sellers in the capital markets on Friday, as they offloaded shares worth ₹5,485.70 crore, according to exchange data.

According to RBI data released on Friday, India’s forex reserves declined by $10.746 billion to $690.43 billion for the week ended October 11. In the preceding week, the reserves had dropped by $3.709 billion to $701.176 billion.

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| Photo Credit: Reuters

Rupee appreciated 10 paise to 83.80 against the U.S. dollar in morning trade on Monday (August 26, 2024), supported by the weakening of the American currency in the overseas market and foreign fund inflows.

Forex traders said the dollar index lost significant ground and is hovering around the 100.60 level following US Fed Chair Jerome Powell’s recent speech at the Jackson Hole meeting, where he said that time has come for loosening of policy, indicating possible US rate cuts in September.

At the interbank foreign exchange market, the local unit opened at 83.83 and then gained ground and touched 83.80, registering a rise of 10 paise from its previous close.

On Friday, the rupee traded in a narrow range and settled higher by 3 paise at 83.90 against the American currency.

Rupee opened on a positive note and was hovering around 83.80 this morning as the U.S. dollar has lost against most currencies, said Anil Kumar Bhansali, Head of Treasury and Executive Director Finrex Treasury Advisors LLP.

“It is expected to be in a range of 83.75/95 with the Reserve Bank buying dollars at lower levels of the pair and selling near 83.95,” Bhansali added.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was down 0.06% to 100.66 points.

Brent crude, the global oil benchmark, was 0.63% up at $79.52 per barrel in futures trade.

In the domestic equity market, the 30-share BSE Sensex gained 262.21 points, or 0.32%, to 81,348.42 points, while the Nifty rose by 62.15 points, or 0.25%, to 24,885.30 points.

Foreign Institutional Investors (FIIs) were net buyers in the capital markets on Friday, as they purchased shares worth ₹1,944.48 crore, according to exchange data.

Meanwhile, India’s forex reserves jumped by $4.546 billion to $674.664 billion during the week ended August 16, the RBI said on Friday. In the previous week, the forex kitty had dropped by $4.8 billion to $670.119 billion.