The rupee fell 12 paise to close at 95.74 (provisional) against the U.S. dollar on Wednesday (September 23, 2026), weighed down by the broad strength of the American currency and a slight recovery in crude oil prices from lower levels.

Forex traders said the dollar strengthened on hawkish comments from U.S. Federal Reserve officials, raising expectations of a rate hike by the U.S. Fed in 2026. However, positive domestic markets supported the rupee at lower levels.

At the interbank foreign exchange market, the rupee opened at 95.58 against the U.S. dollar, then gained ground and touched an intraday high of 95.57 against the American currency in intraday trade.

The domestic unit saw an intraday low of 95.76 and ended the trading session on Wednesday (September 23, 2026) at 95.74 (provisional) against the American currency, lower by 12 paise from its previous close.

On Tuesday (September 22, 2026), the rupee appreciated 16 paise to close at 95.62 against the U.S. dollar.

“We expect the rupee to trade with a positive bias as hopes of a diplomatic solution between the U.S. and Iran amid indirect talks at the UNGA may improve global risk sentiment. Overall weakness in crude oil prices may also support the rupee,” said Anuj Choudhary, Research Analyst, Mirae Asset Sharekhan.

However, a strong dollar and any fresh tensions between the U.S. and Iran may cap sharp upside. Traders may take cues from flash manufacturing and services PMI data from the U.S. USD-INR spot price is expected to trade in a range of 95.50 to 95.95, Mr. Choudhary added.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading at 100.87, higher by 0.27%.

Brent crude, the global oil benchmark, was trading higher by 0.26% at $99.51 per barrel in futures trade.

On the domestic equity market front, Sensex rose 299.17 points to settle at 74,828.25, while the Nifty closed 117.80 points higher at 23,446.80.

Foreign Institutional Investors (FIIs) offloaded equities worth ₹3,809.99 crore on a net basis on Tuesday (September 22, 2026), according to exchange data.

The rupee fell 8 paise to 95.38 against the U.S. dollar in early trade on Tuesday (August 11, 2026) amid no breakthrough in the ongoing West Asia crisis, which kept global markets on edge and pushed up crude oil prices overnight.

A decline in domestic equity markets in early trade maintained pressure on the local unit while FII inflows and intervention by the Reserve Bank of India (RBI) provided support, preventing a further slide, forex traders said.

At the interbank foreign exchange market, the rupee opened at 95.38 against the U.S. dollar and maintained that level till the time of publishing the copy.

The rupee declined 13 paise to settle at 95.30 against the U.S. dollar on Monday (August 10, 2026).

“The rupee traded in a relatively narrow range (on Monday) despite Brent rising towards USD 84. The downside was contained by RBI intervention, with state-run banks reportedly selling dollars on the central bank’s behalf,” Anil Kumar Bhansali, Head of Treasury and Executive Director, Finrex Treasury Advisors LLP, said.

“Today Brent has gone past $87 per barrel as Iran and the U.S. continue to harbour the Strait of Hormuz uncertainty on fading hopes of a deal happening soon,” he added.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading at 99.77, down 0.04$.

Brent crude, the global oil benchmark, which rose sharply since the $ 84/barrel-levels on Monday, was trading lower by 0.06$ at $87.67 per barrel in futures trade.

On the domestic equity market front, Sensex declined 320.14 points to 78,204.40 in early trade while the Nifty fell 94.35 points to 24,490.85.

Foreign institutional investors purchased equities worth ₹1,974.76 crore on a net basis on Monday, according to exchange data.

In a range-bound trade, the rupee settled 2 paise lower at 88.61 (provisional) against the U.S. dollar on Tuesday (November 18, 2025) in line with negative sentiment in equity markets.

The emergence of foreign fund inflows, a weak greenback and lower crude oil prices helped the Indian currency resist downward pressure, traders said.

At the interbank foreign exchange market, the rupee opened at 88.67 and moved in a tight range of 88.69 and 88.58 against the dollar. The unit finally settled at 88.61 (provisional), down 2 paise from its previous closing level.

Investors were concerned about increasing import bills and the widening trade deficit of the country.

Traders were closely watching the progress on the proposed India-U.S. trade deal as well as the domestic PMI data to be released later this week.

On Monday, the rupee settled 7 paise higher at 88.59 against the U.S. dollar.

The rupee gained support from weak crude oil prices and optimism over trade tariffs to restrict its slide against the U.S. currency, according to traders.

“Markets may remain volatile as the U.S. government reopening would lead to economic data inflows. The US non-farm payrolls report is expected to be released on Thursday,” Anuj Choudhary, Research Analyst, Mirae Asset ShareKhan, said.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading 0.06% lower at 99.42.

Brent crude, the global oil benchmark, declined 0.37% to $63.96 per barrel in futures trade.

On the domestic equity market front, Sensex fell 277.93 points or 0.33% to settle at 84,673.02, while Nifty tumbled 103.40 points or 0.40% to 25,910.05.

Foreign institutional investors bought equities worth ₹442.17 crore on Monday, according to exchange data.

The latest government data released on Monday showed India’s exports contracted 11.8% to $34.38 billion in October on account of the impact of high tariffs by the U.S., while the trade deficit widened to a record high of $41.68 billion, mainly due to a jump in gold imports.

The country’s imports jumped 16.63% to $76.06 billion due to high inbound shipments of the yellow metal, silver, cotton raw/waste, fertiliser, and sulphur.

In September, the trade gap widened to $31.15 billion, the highest in over a year.

While gold imports rose about 200% to $14.72 billion, silver rose 528.71% to $2.71 billion during October.

Crude oil imports dipped to $14.8 billion in October from $18.9 billion in the same month last year.

Rupee consolidated in a narrow range and settled for the day lower by 7 paise at its all-time closing low of 88.79 (provisional) against U.S. dollar on Monday (September 29, 2025), on persistent foreign capital outflows and rise in risk-off sentiments.

Forex traders said rupee is hovering near its all-time low level as investors remained concerned over global trade uncertainties and impact of U.S. visa fee hike on India’s IT services exports.

Moreover, the Reserve Bank of India (RBI) policy meeting outcome on October 1, is expected to influence rupee and government bond movements.

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.

On Friday, the rupee rebounded from its all-time low to close 4 paise higher at 88.72 against the U.S. dollar.

The rupee fell to a fresh lifetime low of 88.76 against the American currency on Thursday (September 25).

“We expect the rupee to remain weak on weak domestic markets and elevated crude oil prices. Month-end dollar demand from importers may also pressurise the rupee. However, weakness in the U.S. dollar and any intervention by the RBI may support rupee at lower levels,” said Anuj Choudhary, Research Analyst Currency and commodities Mirae Asset ShareKhan.

Mr. Choudhary further added that traders may take cues from core pending home sales data from the U.S. and President Donald Trump’s speech. Investors will also watch out for the RBI’s MPC decision this week.

The Reserve Bank’s Monetary Policy Committee began its three-day deliberations amid expectations of status quo on the key interest rate, but some experts think that the central bank may settle for a 25 bps cut.

The decision of RBI Governor Sanjay Malhotra-headed six-member rate-setting panel will be announced on Wednesday (September 24). The meeting is taking place against the backdrop of ongoing geopolitical tensions and the U.S. imposing 50% tariffs on Indian shipments.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading at 97.96, lower by 0.19%.

Brent crude, the global oil benchmark, was trading 1.37% lower at $69.17 per barrel in futures trade.

On the domestic equity market front, the Sensex declined 61.52 points to settle at 80,364.94, while Nifty dipped 19.80 points to 24,634.90.

Foreign Institutional Investors offloaded equities worth ₹5,687.58 crore on Friday (September 26), according to exchange data.

Meanwhile, the US has announced the imposition of a 100% tariff on branded or patented drugs entering the U.S. from October 1, except for pharmaceutical companies building manufacturing plants in the U.S.

The exemption covers projects where construction has started, including sites that have broken ground or are under construction.

India’s forex reserves dropped $396 million to $702.57 billion for the week ended September 19, according to the RBI data.

In the previous reporting week, the overall reserves had jumped $4.698 billion to $702.966 billion.

Foreign investors pulled out ₹12,257 crore ($1.4 billion) from Indian equities in the first week of September, weighed down by a stronger dollar, U.S. tariff concerns, and persistent geopolitical tensions.

This came following a net outflow of ₹34,990 crore in August and ₹17,700 crore in July.

With this, the total outflow by Foreign Portfolio Investors (FPIs) in equities reached ₹1.43 lakh crore so far in 2025, data with the depositories showed.

In the coming week, FPI flows are expected to be driven by U.S. Fed commentary, U.S. labour market data, RBI rate cut expectations, and its stance on rupee stability, Vaqarjaved Khan, Senior Fundamental Analyst, Angel One, said.

“While near-term volatility may persist, India’s structural growth story, policy reforms, such as GST rationalisation, and expectations of an earnings revival could bring FPIs back once global uncertainties ease,” Himanshu Srivastava, Associate Director – Manager Research, Morningstar Investment, said.

Market experts believe that a combination of global and domestic factors triggered the latest withdrawals.

“Multiple factors contributed to this risk-off sentiment — a stronger dollar, renewed US tariff threats, and continuing geopolitical tensions added to global uncertainty,” Mr. Srivastava said.

Domestically, slowing corporate earnings momentum and concerns over high valuations — Indian equities continue to trade at a premium to other emerging markets — prompted FPIs to book profits and reduce exposure, he added.

Echoing similar views, Mr. Khan said US tariff tensions, a weak rupee and global risk-off sentiment led to the selloff. The sentiment was cushioned by the rationalisation of GST rates by the government and healthy first quarter GDP data of 7.8%.

V.K. Vijayakumar, Chief Investment Strategist at Geojit Investments, said that sustained massive DII buying is enabling FPIs to encash at high valuations and take the money to cheaper markets, such as China, Hong Kong, and South Korea.

On the other hand, FPIs invested ₹1,978 crore in the debt general limit and withdrew ₹993 crore in the debt voluntary retention route during the period under review.

The rupee appreciated 23 paise to close at 87.36 (provisional) against the U.S. dollar on Monday (August 18, 2025), supported by strong domestic equities.

Forex traders said the Indian rupee traded on the positive territory on the GST reforms that Prime Minister Narendra Modi recommended in his August 15 address to the nation.

Forex traders said the uncertainty over trade tariffs issue between India and the U.S. is likely to keep market participants cautious.

At the interbank foreign exchange market, the rupee opened at 87.46 against the U.S. dollar, and touched an intraday low of 87.48 and a high of 87.33 and settled at 87.36 (provisional), registering a gain of 23 paise over its previous close.

On Thursday, the rupee settled lower by 12 paise at 87.59 against the U.S. dollar.

Forex and equity markets were closed on Friday on account of Independence Day.

PM Modi on Sunday said the Centre has circulated the draft of the next-generation GST reforms among states and sought their cooperation to implement the proposal before Diwali.

He said the reform in GST would benefit poor and middle-class people, as well as small and big businesses.

The present GST tax rates of nil/zero on essential food items, 5 per cent on daily use products, 12% on standard goods, 18% on electronics and services and 28% on luxury and sin goods will be replaced by two tax slabs of 5% and 18%, plus a special 40% top bracket for 5-7 demerit goods.

The proposed two-slab regime, if approved by the GST Council, will replace the current four slabs in the Goods and Services Tax (GST) regime, doing away with the 12% and 28% slabs.

Meanwhile, Brent crude prices rose 0.70% to $66.31 per barrel in futures trade.

Investors will monitor Federal Reserve Chair Jerome Powell’s comments at Jackson Hole this week for clues on the path of interest rate cuts in its next meeting in September, traders said.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, rose 0.14% to 97.98.

On the domestic equity market front, Sensex jumped 676.09 points to settle at 81,273.75, while the Nifty surged 245.65 points to 24,876.95.

Foreign Institutional Investors offloaded equities worth ₹1,926.76 crore on Thursday, according to exchange data.

On the domestic macroeconomic front, S&P on Thursday upgraded India’s sovereign credit rating to ‘BBB’ with a stable outlook after over 18 years, citing robust economic growth, political commitment for fiscal consolidation and ‘conducive’ monetary policy to check inflation.

The impact of U.S. 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.

The rupee depreciated 11 paise to 87.29 against the U.S. dollar in early trade on Monday (August 4, 2025), weighed down by sustained foreign fund outflows and concerns over trade tariffs.

Forex traders said the weakness in the dollar index and easing crude oil prices supported the rupee at lower levels.

At the interbank foreign exchange market, the rupee opened at 87.21 and fell to an early low of 87.29 against the American currency, registering a decline of 11 paise over its previous close.

On Friday, the rupee closed at 87.18 against the U.S. dollar.

“Indian Rupee opened at 87.20 level this morning after the fall in Dollar index and is expected to be in the range of 87- 87.50,” said Anil Kumar Bhansali, Head of Treasury and Executive Director, Finrex Treasury Advisors LLP.

Mr. Trump also outlined steep duties against 70 countries, raising uncertainty over trade tariffs, Bhansali said.

Meanwhile, Brent crude prices fell 0.26% to $69.49 per barrel in futures trade, as OPEC+ agreed for a production hike in September this year, while concerns over a cooling US economy and trade tariffs also weighed.

The dollar index, which gauges the greenback’s strength against a basket of six currencies, fell by 0.40% to 98.74.

Meanwhile, the U.S. FED Governor resigned, opening the door for U.S. President Donald Trump to make an imprint on the Central Bank much earlier than anticipated.

The U.S. Treasury yields also fell as traders heavily scaled up bets of a FED rate cut in September.

In the domestic equity market, Sensex advanced 262.08 points or 0.33% to 80,861.99, while Nifty rose 98.50 points or 0.4% to 24,663.85.

Foreign institutional investors (FIIs) offloaded equities worth ₹3,366.40 crore on a net basis on Friday, according to exchange data.