The rupee appreciated 12 paise to 89.51 against the U.S. dollar in early trade on Wednesday (December 24, 2025), supported by the RBI’s major liquidity announcement and the weakness of the American currency in the overseas market.

Forex traders said the rupee started the day on a stronger note after the RBI announced sufficient liquidity for the markets to the extent of approx. ₹3 lakh crore, which will also allow the RBI to keep rupee weakness under control.

At the interbank foreign exchange market, the rupee opened at 89.56 against the U.S. dollar, then gained some ground and touched 89.51 against the U.S. dollar, registering a gain of 12 paise over its previous close.

In the initial trade, it also touched 89.65 against the American currency. On Tuesday (December 23, 2025), the rupee settled at 89.63 against the U.S. dollar.

“The dollar index was softer after the strong GDP growth of 4.3% and with Asian currencies generally stronger, the rupee has managed to claw back,” said Anil Kumar Bhansali, Head of Treasury and Executive Director Finrex Treasury Advisors LLP.

Mr. Bhansali further added that, “Rupee is likely to remain broadly in the range of 89-90 while RBI protects both sides as it attempts to cut its short dollar positions.”

“The RBI was seen actively managing the rupee to prevent excessive volatility and keep USD/INR from breaking 90 levels while it also bought dollars from the spot market to prevent the appreciation,” he added.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading 0.07% lower at 97.87.

Brent crude, the global oil benchmark, was trading higher by 0.02% at $62.39 per barrel in futures trade.

On the domestic equity market front, the 30-share benchmark index Sensex rose 63.82 points to 85,588.66, while the Nifty was up 32.80 points to 26,209. 95.

Foreign Institutional Investors offloaded equities worth ₹1,794.80 crore on Tuesday (December 23, 2025), according to exchange data.

The Reserve Bank of India on Tuesday (December 23, 2025) said it will purchase government securities worth ₹2 lakh crore and conduct a $10 billion buy/sell dollar-rupee swap auction to inject liquidity in the banking system.

The latest announcement comes days after the RBI conducted ₹1 lakh crore OMO purchase auctions of Government of India securities and USD/INR Buy/Sell Swap auction of $5 billion for a tenor of three years.

The rupee depreciated 16 paise to 90.11 against the U.S. dollar in early trade on Monday (December 8, 2025), weighed down by elevated crude oil prices and persistent foreign fund outflows.

Forex traders said strong dollar demand from corporates, importers and foreign portfolio investors pressurised the rupee.

At the interbank foreign exchange, the rupee opened at 90.07 against the U.S. dollar then dropped to 90.11, down 16 paise from its previous close.

On Friday (December 5, 2025), the rupee settled at 89.95 against the U.S. dollar, after the Reserve Bank of India cut the key policy interest rate for the first time in six months.

Forex traders said investors’ focus has now shifted to the Fed’s policy outcome on December 9–10. Markets are placing nearly a 90% probability on a rate cut next week.

Meanwhile, India and the United States will commence three-day talks on the first phase of their proposed bilateral trade agreement here from December 10.

“The US team is in India on 10th December and simultaneously the EU team is also in India to meet the Commerce Minister on trade negotiations and finalising an FTA. We await for positive outcomes on both counts. ” said Anil Kumar Bhansali, Head of Treasury and Executive Director Finrex Treasury Advisors LLP.

Mr. Bhansali further noted that, FPIs continue to remain sellers despite the India equities going up. The dollar index is range bound, Asian currencies are range bound, so there are no specific cues from any front.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading 0.11% lower at 98.88. Brent crude, the global oil benchmark, was trading higher by 0.17 cent at $63.85 per barrel in futures trade.

On the domestic equity market front, the benchmark sensitive index Sensex declined 215.73 points to 85,741.24 in early trade, while the Nifty was down 64.85 points to 26,121.60.

Foreign Institutional Investors sold equities worth ₹438.90 crore on Friday (December 5, 2025), according to exchange data.

The rupee slipped 1 paisa to close at 89.23 (provisional) against the U.S. dollar in a range-bound trade on Wednesday (November 26, 2025), as firm domestic equities and a slide in global crude prices offset the impact of a strengthening greenback.

Foreign fund outflows and concerns over geopolitical developments sapped risk appetite in the market, pushing investors towards safe-haven assets, forex traders said.

At the interbank foreign exchange market, the rupee opened at 89.24 and moved in a close range of 89.17-89.28 against the dollar. The unit finally settled at 89.23, registering a loss of 1 paisa from its previous closing level.

Anuj Choudhary, Research Analyst, Commodities Research, Mirae Asset Sharekhan, said the rupee is expected to trade with a slight positive bias on rising odds of an interest rate cut by the US Federal Reserve in December and a rise in risk appetite in global markets.

“However, importer demand for dollars may cap sharp upside. USD-INR spot price is expected to trade in a range of ₹89 to ₹89.50,” he added.

On Tuesday (November 25, 2025), the rupee settled 6 paise lower at 89.22 against the greenback.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, rose 0.12% to 99.70.

Brent crude, the global oil benchmark, fell 0.13% to $62.40 per barrel in futures trade.

On the domestic equity market front, the Sensex soared 1,022.50 points, or 1.21%, to settle at 85,609.51, while Nifty climbed 320.50 points, or 1.24%, to 26,205.30.

Foreign institutional investors purchased equities worth ₹785.32 crore on a net basis on Tuesday (November 25, 2025), according to exchange data.

The rupee depreciated 23 paise to close at 88.71 (provisional) against the U.S. dollar on Thursday (November 20, 2025), on broad strength of the American currency and fading odds of a rate cut by the U.S. Federal Reserve.

Forex traders said the dollar has staged a rally, moving above the 100 level, after the U.S. Federal Reserve minutes indicated that most officials were opposed to a rate cut in December, following the October cut.

At the interbank foreign exchange market, the rupee opened at 88.63, then lost ground, touching an intra-day low of 88.74. It also hit an intra-day high of 88.62 against the U.S. dollar.

The local currency finally settled for the day at 88.71 (provisional) against the greenback, down 23 paise from its previous close.

On Wednesday (November 19, 2025), the rupee appreciated 12 paise to close at 88.48 against the U.S. dollar. Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, fell 0.03% to 100.19.

Brent crude, the global oil benchmark, was trading 0.71% higher at $63.96 per barrel in futures trade.

“We expect the rupee to trade with a slight negative bias on rising dollar and declining odds of a rate cut by the US Federal Reserve in its December Federal Open Market Committee (FOMC) meeting,” said Anuj Choudhary, Research Analyst, Mirae Asset ShareKhan.

Experts said dollar demand from importers may pressurise the rupee further. However, a rise in global risk appetite and optimism over India-U.S. trade deals may support the rupee at lower levels.

“We may see the RBI intervening as the rupee inches towards record low levels. Traders may also take cues from the non-farm payrolls report. USD-INR spot price is expected to trade in a range of 88.40 to 89,” Mr. Choudhary added.

Meanwhile, on the domestic equity market front, the Sensex jumped 446.21 points to settle at 85,632.68, while the Nifty climbed 139.50 points to 26,192.15.

Foreign Institutional Investors bought equities worth ₹1,580.72 crore on a net basis on Wednesday (November 19, 2025), according to exchange data.

Commerce and Industry Minister Piyush Goyal on Tuesday (November 18, 2025) said “you will hear good news” on the proposed trade pact between India and the U.S. once the deal is fair, equitable and balanced.

The remarks came days after President Donald Trump stated that the U.S. is “pretty close” to reaching a “fair trade deal” with India, and added that he will lower tariffs imposed on Indian goods at “some point”.

The rupee consolidated in a narrow range and settled for the day lower by 6 paise at 88.68 (provisional) against the U.S. dollar on Thursday (November 13, 2025), as foreign fund outflows and continuous dollar demand from local importers, including oil companies, exerted pressure on the local currency.

Forex traders said the rupee is trading in a tight range, as an overnight decline in crude oil prices and renewed optimism over U.S.-India trade talks providing a steady anchor and restricted the downfall.

At the interbank foreign exchange, the rupee opened at 88.66 against the U.S. dollar and touched an intra-day high of 88.63 and a low of 88.73 during the day.

The domestic unit finally settled for the day at 88.68 (provisional), registering a loss of 6 paise from its previous close.

On Wednesday (November 12, 2025), the rupee depreciated 12 paise to close at 88.62 against the U.S. dollar.

“We expect the rupee to trade with a slight negative bias on dollar demand from importers. However, a positive tone in the domestic markets and falling global crude oil prices may support the rupee at lower levels. The USD-INR spot price is expected to trade in a range of 88.40 to 89,” said Anuj Choudhary, Research Analyst, Mirae Asset ShareKhan.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading 0.29% lower at 99.20 after the Trump administration passed the bill to end a 43-day record government shutdown.

Brent crude, the global oil benchmark, was trading 0.21% lower at $62.58 per barrel in futures trade.

On the domestic equity market front, Sensex settled marginally up at 84,478.67, while the Nifty closed almost flat at 25,879.15.

Foreign Institutional Investors sold equities worth ₹1,750.03 crore on Wednesday (November 12, 2025), according to exchange data.

Meanwhile, the government on Wednesday (November 12, 2025) approved an Export Promotion Mission (EPM) with an outlay of Rs 25,060 crore for six financial years, beginning this fiscal year, a move that will help exporters deal with high tariffs imposed by the U.S.

The mission will be implemented through two sub-schemes — Niryat Protsahan (₹10,401 crore) and Niryat Disha (₹14,659 crore).

On the domestic macroeconomic front, retail inflation fell to a record low of 0.25% in October following a cut in GST rates on nearly 380 items of mass consumption coupled with subdued prices of vegetables, fruits and eggs.

October Consumer Price Index (CPI)-based inflation was lowest in the current series (base year 2012), which captures data since January 2014.

The inflation was 1.44% in September and 6.21% in October 2024.

The rupee depreciated 6 paise to settle at 88.71 (provisional) against the U.S. dollar in a muted session on Monday (November 10, 2025), weighed down by elevated crude oil prices.

However, positive domestic equity markets and a soft U.S. dollar cushioned the rupee’s downside, forex traders said.

At the interbank foreign exchange market, the rupee opened at 88.64 against the American currency and touched an intraday high of 88.64 and a low of 88.71 against the greenback during the day.

The domestic unit finally settled for the day at 88.71 (provisional), lower by 6 paise from its previous close.

On Friday (November 7, 2025), the rupee slipped 2 paise to 88.65 against the U.S. dollar.

“We expect the rupee to trade with a slight negative bias on rising global markets and a surge in crude oil prices. Importers’ demand for the U.S. dollar may also put pressure on the rupee. However, any weakening of the U.S. dollar amid concerns over the long-term health of the U.S. economy may support the rupee at lower levels. Markets may remain volatile as the U.S. government shutdown nears an end. The USD-INR spot price is expected to trade in a range of 88.50 to 89,” said Anuj Choudhary, Research Analyst, Mirae Asset ShareKhan.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, fell 0.04% to 99.55.

Brent crude, the global oil benchmark, rose 1.01% to $64.27 per barrel in futures trading.

On the domestic equity markets front, the Sensex climbed 319.07 points to settle at 83,535.35, while the Nifty gained 82.05 points to 25,574.35.

Foreign institutional investors bought equities worth ₹4,581.34 crore on Friday (November 7, 2025), according to exchange data.

Meanwhile, India’s forex reserves dropped $5.623 billion to $689.733 billion for the week ended October 31, the Reserve Bank of India said on Friday (November 7, 2025).

The overall reserves had declined by $6.925 billion to $695.355 billion.

The rupee recovered 9 paise from its all-time low level to settle at 88.06 (provisional) against the U.S. dollar on Wednesday (September 3, 2025), on positive domestic equities, softening of crude oil prices and weak U.S. dollar index.

Forex traders said the rupee is trading near all-time low levels amid persistent foreign fund outflows on the back of ongoing trade tariff concerns between India and the U.S.

At the interbank foreign exchange market, the rupee opened at 88.15 against the U.S. dollar and then fell to an intraday low of 88.19 and a high of 87.98 against the American currency.

The domestic unit finally settled for the day at 88.06 (provisional), higher by 9 paise over its previous closing.

On Tuesday (September 2, 2025), the rupee declined 5 paise to close at an all-time low of 88.15 against the U.S. dollar.

“The Indian rupee strengthened against the U.S. dollar today on positive domestic equities and the softening of crude oil prices at higher levels. Weak U.S. dollar index too favoured the rupee,” Anuj Choudhary, Research Analyst for Currency and commodities at Mirae Asset ShareKhan, said.

Mr. Choudhary further noted that the rupee is expected to trade with a slight negative bias amid persistent FII outflows on the back of ongoing trade tariff concerns between India and the U.S.

“However, overall weakness in the U.S. dollar and a positive tone in the domestic markets may support the rupee at lower levels. Traders may take cues from JOLTS job openings and factory orders data from the U.S. Investors may remain cautious ahead of the non-farm payrolls report from the U.S. this week,” he said.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, fell 0.20% to 98.19.

Brent crude, the global oil benchmark, was trading 1.66% lower to $67.99 per barrel in futures trade.

On the domestic equity market front, Sensex jumped 409.83 points to settle at 80,567.71, while Nifty surged 135.45 points to 24,715.05.

Foreign institutional investors offloaded equities worth ₹1,159.48 crore on Tuesday (September 2, 2025), according to exchange data.

On the domestic macroeconomic front, the Indian services sector growth touched a 15-year high in August, driven by a sharp rise in new orders and output amid substantial improvement in demand conditions, a monthly survey said on Wednesday (September 3, 2025).

The seasonally adjusted HSBC India Services PMI Business Activity Index was up from 60.5 in July to 62.9 in August, indicating the steepest rate of expansion since June 2010.

Meanwhile, President Donald Trump has said the U.S. gets along with India “very well” but the relationship was “one-sided” for many years since New Delhi was charging Washington “tremendous tariffs”.

Mr. Trump’s comments come amid a strain in ties between New Delhi and Washington after the U.S. imposed 50% tariffs on India, among the highest in the world.

He said for many years, the relationship between India and the U.S. was “one-sided” and that changed when he assumed office.

The rupee pared initial gains and settled for the day lower by 18 paise at 87.25 (provisional) against the U.S. dollar on Thursday (August 21, 2025), on a strong American currency and a recovery in crude oil prices.

Forex traders said the rupee opened on a positive note with the rise in risk appetite in the global markets amid easing tensions over trade tariffs and hopes of a truce between Russia and Ukraine.

However, the strength of the American currency in the overseas market and rising crude oil prices dented investor sentiments and restricted the upmove in the local unit.

At the interbank foreign exchange market, the rupee opened on a positive note at 87.04, then touched an early high of 86.93 and an intraday low of 87.27 against the U.S. dollar.

The domestic unit settled for the day at 87.25 (provisional), registering a decline of 18 paise over its previous close.

On Wednesday (August 20, 2025), the rupee settled on a higher note at 87.07 against the U.S. dollar.

The Indian rupee lost early gains on positive crude oil prices and the positive U.S. dollar index. However, a rise in the domestic markets supported the rupee at lower levels, said Anuj Chaudhary, Research Analyst, Commodities and Currencies, Mirae Asset Sharekhan.

“We expect the rupee to trade with a positive bias on improved global risk sentiments and fading worries over trade tariffs. Optimism over GST reforms may also support the rupee. However, dollar demand from importers capped sharp upside. Investors may now focus on the Jackson Hole Symposium. Traders may take cues from weekly unemployment claims and PMI data from the U.S. The USD-INR spot price is expected to trade in a range of 86.90 to 87.50,” Mr. Chaudhary added.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, gained 0.02% to 98.23.

Brent crude, the global oil benchmark, was trading 0.90% higher at $67.44 per barrel in futures trade, as investors remained focused on the Ukraine peace push and sanctions on Russia remaining in place for now.

Traders are focused on whether U.S. Fed Chief Jerome Powell will push back against market expectations for a rate cut at the September 16-17 meeting when he speaks at the Jackson Hole Symposium on Friday (August 15, 2025).

On the domestic equity market front, stock markets advanced for the sixth consecutive day, with Sensex settling for the day with gains of 142.87 points at 82,000.71, while Nifty was up by 33.20 points at 25,083.75.

Foreign Institutional Investors offloaded equities worth ₹1,100.09 crore on Wednesday (August 20, 2025), according to exchange data.

Rupee pared initial gains and settled for the day on a negative note, lower by 10 paise at 87.57 (provisional) against the U.S. dollar on Thursday (August 14, 2025), as it came under pressure due to continued dollar demand from importers.

Forex traders said the rupee pared initial gains on positive crude oil prices, dollar demand from importers and foreign fund outflows.

Moreover, there is an overall negative bias amid uncertainties over the trade tariff issue between India and the U.S.

At the interbank foreign exchange, the domestic unit opened at 87.48 and moved in a range of 87.39 to 87.67 during the day before settling at 87.57 (provisional), lower by 10 paise from its previous close.

On Wednesday (August 13, 2025), the rupee appreciated 16 paise to close at 87.47 against the US dollar.

According to forex traders, investors are in a wait-and-watch mode ahead of the U.S.-Russia talks on August 15.

Meanwhile, Brent crude prices rose 0.49% to $65.95 per barrel in futures trade as it regained ground after falling much more in the previous session, with the upcoming U.S.-Russia talks raising risk premiums in the market.

The dollar index, which gauges the greenback’s strength against a basket of six currencies, fell 0.02% to 97.82.

In the domestic equity market, Sensex climbed 57.75 points to settle at 80,597.66, while the Nifty closed 11.95 points up at 24,631.30.

Foreign Institutional Investors offloaded equities worth ₹3,644.43 crore on Wednesday (August 13, 2025), according to exchange data.

On the domestic macroeconomic front, S&P on Thursday (August 13, 2025) upgraded India’s sovereign credit rating to ‘BBB’ with a stable outlook after a gap of nearly 19 years, citing robust economic growth, political commitment for fiscal consolidation and ‘conducive’ monetary policy to check inflation.

The impact of US tariffs on the Indian economy will be “manageable”, S&P said, adding that a 50% tariff on U.S. exports (if imposed) will not pose a “material drag” on growth.

“India is relatively less reliant on trade and about 60% of its economic growth stems from domestic consumption,” it said.

The rating upgrade by a U.S.-based agency comes days after American President Donald Trump dubbed India as a “dead economy”. Mr. Trump has imposed the highest 50% tariff on Indian goods with effect from August 27.

Also, the rating upgrade will help lower borrowing cost of Indian companies in international markets.