The rupee, which slipped below the 96 level in intraday trade, ended Thursday’s (September 17, 2026) session with a loss of just 3 paise at 95.94 (provisional) against the U.S. dollar, paring initial losses on likely RBI intervention.

The rupee ended almost flat amid a slight fall in the dollar index and crude oil prices, which supported investor sentiment despite global geopolitical volatility.

According to forex analysts, the local currency, however, stayed under pressure due to outflows of foreign funds and global trade uncertainties after the House of Representatives cleared a law authorising President Donald Trump to impose up to a 100% tariff on India and other countries importing Russian oil.

The domestic unit was also weighed down after the U.S. Federal Reserve hiked interest rates for the first time in three years amid rising inflation, they said.

At the interbank foreign exchange market, the rupee opened at 95.88 and hit the intraday low of 96.10, breaching the 96 level for the first time since July 24. The unit recovered during the session and touched the high of 95.78 before settling at 95.94 against the U.S. dollar, 3 paise lower than the previous closing level.

“The Indian rupee experienced a highly volatile trading session on Thursday, initially buckling under a hawkish Fed onslaught and weaker Asian currency sentiment. However, those early losses proved fleeting as aggressive central bank intervention swooped in with heavy-handed dollar defence, pulling the local unit off the canvas to secure marginal gains,” Dilip Parmar – senior research analyst, HDFC Securities.

Mr. Parmar further noted that “turning to the technical outlook, the spot USD/INR pair remains in an overall upward trend following its recent surge, though we anticipate a period of short-term consolidation with key support around 95.45 and resistance capped at 96.30.” On Wednesday, the local unit ended 3 paise lower at 95.91 against the American currency, extending its downward trend for the seventh session in a row.

In the preceding six sessions, the rupee has lost 148 paise, or more than 1.4%, since the closing level of 94.43 against the greenback recorded on September 4.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading 0.05% lower at 99.92.

Brent crude, the global oil benchmark, was trading 1.29 per cent lower at USD 104.47 per barrel in futures trade.

In domestic equities, Sensex fell 21.86 points, or 0.03%, to settle at 74,314.59, while the Nifty ended with a gain of 53.00 points, or 0.23%, at 23,270.60.

Foreign institutional investors (FIIs) offloaded equities worth ₹2,032.61 crore on a net basis on Wednesday (September 16, 2026), according to exchange data.

The rupee gained 9 paise to 95.65 against the U.S. dollar in early trade on Friday (August 21, 2026), supported by the weakening of the American currency in the overseas markets.

Forex traders said for India, a softer dollar is being offset by another challenge elevated crude oil prices.

Meanwhile, RBI Governor Sanjay Malhotra has indicated that the central bank expects at least $80 billion in foreign currency inflows.

According to forex traders, while the RBI Governor’s statement offered some reassurance, elevated oil prices, persistent geopolitical uncertainty, and a structurally reduced foreign presence continue to neutralise fresh dollar inflows.

At the interbank foreign exchange, the rupee opened at 95.69, then rose to 95.65, higher by 9 paise from its previous close.

On Thursday (August 20, 2026), the rupee pared initial gains and settled for the day down 1 paisa at 95.74 against the U.S. dollar.

“Governor Sanjay Malhotra indicated that the central bank expects at least $80 billion of foreign currency inflows from the measures announced earlier this year to attract dollars into India. So far, around $56.85 billion has already been mobilised, including $52.3 billion through FCNR(B) deposits,” CR Forex Advisors MD, Amit Pabari said.

However, unlike the famous FCNR(B) scheme of 2013, which sparked an immediate double-digit appreciation in the rupee, this year’s inflows have not translated into meaningful currency strength. Since the RBI announced these measures in June, the rupee has barely responded, Mr. Pabari added.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading lower by 0.15% at 98.74, its lowest level since May.

Brent crude, the global oil benchmark, was trading lower by 0.23% at $93.56 per barrel in futures trading, as the geopolitical situation in the Middle East remains tense, with fresh warnings from U.S. President Donald Trump to countries supporting Iran.

“The conflict has already disrupted more than 20% of the region’s refining capacity, while the Strait of Hormuz remains shut, restricting fuel exports from one of the world’s most important energy routes,” Mr. Pabari added.

On the domestic market front, Sensex was trading lower by 25.97 points to 77,506.51 in early trade, while the Nifty skid 5.75 points to 24,223.10.

Foreign institutional investors offloaded equities worth ₹583.36 crore on a net basis on Thursday (August 20, 2026), according to exchange data.

The rupee gained 2 paise to 95.43 against the U.S. dollar in early trade on Friday (August 14, 2026), backed by a weaker greenback overseas.

The Indian currency, however, remained under pressure due to the withdrawal of foreign funds from domestic equities and rising crude oil prices amid geopolitical uncertainties, forex traders said.

At the interbank foreign exchange market, the rupee opened at 95.39 and later slipped to trade at 95.43 against the American currency in early deals, up marginally by 2 paise from its previous closing level.

On Thursday (August 13, 2026), the rupee closed 12 paise lower at 95.45 against the U.S. dollar.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading 0.08% lower at 99.78.

Brent crude, the global oil benchmark, was trading higher by 0.16% at $87.21 per barrel in futures trade.

According to analysts, the dollar index retreated following a fall in U.S. Treasury yields and inflation in the world’s largest economy remained below expected levels.

Also, they said oil prices rose after days of easing, as hopes of a deal to end the West Asia crisis remained in limbo.

On the domestic equity market front, Sensex fell 315.50 points, or 0.40% to 77,764.46, while Nifty dropped 72.70 points, or 0.30%, to 24,321.95 in the morning session.

Foreign institutional investors offloaded equities worth ₹510.69 crore on a net basis on Thursday (August 13, 2026), according to exchange data.

The rupee traded in a narrow range and depreciated 6 paise to 95.28 against the U.S. dollar in early trade on Friday (August 7, 2026), tracking a firmer dollar and a rise in U.S. treasury yields.

Forex traders said dollar demand from importers and profit-taking after the rupee’s recent appreciation appear to have outweighed the favourable global backdrop.

At the interbank foreign exchange market, the rupee opened at 95.27, then touched 95.28 against the American currency, registering a fall of 6 paise from its previous close.

On Thursday (August 6, 2026), the rupee depreciated 14 paise to close at 95.22 against the U.S. dollar.

“With oil back near $83, the dollar firm near 100, and U.S. yields elevated, 95.00-95.10 stands out as a solid support for the rupee, and the currency climbing back towards the 96.00-96.20 zone looks like reality. Global developments, particularly around oil prices and the dollar, are likely to remain the key drivers for the rupee in the near term, keeping the overall bias tilted towards weakness,” said CR Forex Advisors MD Amit Pabari.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading 0.02% higher at 99.95. Brent crude, the global oil benchmark, was trading 1.20% higher at $83.48 per barrel in futures trade.

“The rise in U.S. Treasury yields and renewed geopolitical concerns around the Strait of Hormuz are providing some support to the dollar,” said Anil Kumar Bhansali, Head of Treasury and Executive Director, Finrex Treasury Advisors LLP. On the domestic equity market front, Sensex declined 235.36 points to 78,699.80 in early trade, while the Nifty fell 24.30 points to 24,608.25.

Foreign institutional investors offloaded equities worth ₹17.86 crore on a net basis on Thursday (August 6, 2026), according to exchange data.

The rupee stayed on the recovery path and gained 11 paise to 89.05 against the U.S. dollar in early trade on Tuesday (November 25, 2025), supported by lower crude oil prices in the international market.

The Indian currency, however, remained under pressure due to a strong greenback, subdued stock market sentiment and withdrawal of foreign capital, Forex analysts said.

At the interbank foreign exchange market, the rupee opened at 89.02 and then traded at 89.05 against the greenback in initial deals, up 11 paise from its previous closing level.

The rupee settled sharply higher by 50 paise at 89.16 against the greenback on Monday (November 24, 2025), a day after crashing 98 paise to touch its lifetime low of 89.66 against the U.S. dollar on Friday (November 21, 2025).

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was higher by 0.06% at 100.13.

Brent crude, the global oil benchmark, declined 0.33% to $63.16 per barrel in futures trade.

On the domestic equity market front, the Sensex declined 46.99 points to 84,853.72 in early trade while Nifty slipped 10.35 points to 25,949.15.

Foreign institutional investors (FIIs) sold equities worth ₹4,171.75 crore on a net basis on Monday (November 24, 2025), according to exchange data.

The local currency, however, remained under pressure tracking a firm greenback and negative cues from domestic equity markets, forex traders said.

At the interbank foreign exchange market, the rupee opened at 88.67 and gained some ground to trade at 88.63 against the U.S. dollar in initial deals, up 5 paise from its previous closing level.

On Thursday (November 20, 2025), the rupee depreciated 20 paise to close at 88.68 against the U.S. dollar.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was 0.01% up at 100.09.

Brent crude, the global oil benchmark, was trading 1.29% lower at $62.56 per barrel in futures trade.

On the domestic equity market front, the Sensex declined 172.32 points to 85,460.36 in early trade, while the Nifty was down 59.35 points to 26,132.80.

Foreign institutional investors bought equities worth ₹283.65 crore on a net basis on Thursday (November 20, 2025), according to exchange data.

The government data released on Thursday (November 20, 2025) showed the pace of growth in the country’s eight key infrastructure sectors stayed flat year-on-year in October as expansion in output of petroleum refinery products, fertilizer and steel was offset by a contraction in coal and electricity production.

The eight core industries of coal, crude oil, natural gas, petroleum refinery products, electricity, fertilizer, and steel had expanded by 3.3% in September and by 3.8% in October 2024.

The rupee depreciated 9 paise to 88.77 against the U.S. dollar in early trade on Tuesday (October 14, 2025) weighed down by the broad strength of the American currency in the overseas market.

Forex traders said the optimism surrounding the India-U.S. trade talks was negated by foreign fund outflows amid a risk-off tone globally.

Moreover, the Reserve Bank of India is monitoring the depreciation of the USD-INR pair towards 88.80, they said.

At the interbank foreign exchange market, the rupee opened at 88.73, and slipped to 88.77 against the greenback, registering a fall of 9 paise from its previous close.

On Monday (October 13, 2025), the rupee appreciated 4 paise to close at 88.68 against the U.S. dollar.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, fell 0.07% to 99.19.

Brent crude, the global oil benchmark, rose 0.36% to $63.55 per barrel in futures trading.

“The trade tariffs are the only point which is hurting investors for now, while an Indian trade team is in the U.S. to continue and finalise the trade talks,” said Anil Kumar Bhansali, Head of Treasury and Executive Director, Finrex Treasury Advisors LLP.

A team of senior officials from India will visit the U.S. this week for trade talks, and negotiations on the proposed bilateral trade agreement are progressing well, a top official said on Monday (October 13, 2025).

In February this year, leaders of the two countries directed officials to negotiate a proposed Bilateral Trade Agreement (BTA).

It was planned to conclude the first tranche of the pact by the fall (October-November) of 2025.

So far, five rounds of negotiations have been completed.

Mr. Bhansali further said that the rupee’s cautious appreciation and technical positioning near key levels like 88.80 and 88.50 suggest a finely balanced market.

“RBI moves and global trade developments will be crucial in USD-INR direction,” Mr. Bhansali said.

Meanwhile, Domestic equity markets witnessed a rebound in early trade with the Sensex climbing 246.32 points to 82,573.37, while Nifty rose 83 points to 25,310.35.

Foreign Institutional Investors sold equities worth ₹240.10 crore on Monday (October 13, 2025), according to exchange data.