The rupee opened with a negative bias amid a strong dollar and rising U.S. treasury yields and depreciated 18 paise to 96.38 against the U.S. dollar as market sentiments continue to dampen amid simmering tensions between the U.S. and Iran.

Forex traders said rupee remains vulnerable to the rise in crude oil prices as also the closure of the Strait of Hormuz hampering its exports and imports to the Gulf countries.

At the interbank foreign exchange market, the rupee opened at 96.38 against the U.S. dollar, registering a fall of 18 paise from its previous close.

On Monday (May 18, 2026), the Indian rupee weakened further and closed at a record low of 96.20 against the U.S. dollar.

“The market’s biggest challenge right now is not just direction — it’s confidence. Until there is visible cooling in global tensions and stability in foreign flows, the rupee may continue trading under pressure with volatility staying elevated,” CR Forex Advisors MD Amit Pabari said.

Mr. Pabari further added that technically, 94.80–95.10 is expected to act as an important support zone for USD-INR. However, with no meaningful signs of easing in global risk factors, the pair now appears to be gradually shifting its focus toward the 97 mark.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading at 99.10, lower by 0.09% due to simmering Iran tensions.

Brent crude, the global oil benchmark, was trading down 1.91% at $109.96 per barrel in futures trade.

On the domestic equity market front, Sensex climbed 366.71 points to 75,706.88 in early trade, while the Nifty advanced 107.45 points to 23,760.

Foreign Institutional Investors remained net buyers for the third straight session, purchasing equities worth ₹2,813.69 crore on Monday (May 18, 2026), according to exchange data.

Meanwhile, a senior petroleum ministry official on Monday (May 18, 2026) said India has been purchasing Russian oil irrespective of U.S. sanctions waivers and will continue to do so based on commercial viability and energy security needs.

“Regarding the American waiver on Russia, I would like to emphasise that we have been purchasing from Russia earlier… before waiver also, during waiver also, and now also,” Sujata Sharma, joint secretary in the petroleum ministry, told reporters at a media briefing.

The rupee crashed 139 paise to 94.90 against the greenback in early trade on Monday (May 11, 2026) after President Donald Trump rejected Iran’s response to the U.S.’s peace proposal, following which crude oil prices surged rapidly.

A strengthening U.S. dollar and steep FPI outflows further pressured the local unit, according to forex traders.

At the interbank foreign exchange, the rupee opened at 94.97 against the U.S. dollar before inching up to 94.90, down a staggering 139 paise from its previous close.

On Friday (May 8, 2026), the rupee pared its losses and ended with a sharp gain of 71 paise at 93.51 against the greenback.

Iran has sent its response to the latest U.S. ceasefire proposal via Pakistani mediators and wants negotiations to focus on permanently ending the war, Iran’s state-run media said on Sunday (May 10, 2026).

Mr. Trump rejected Iran’s proposal to end the months-long war as “totally unacceptable” without sharing details even as a key Republican leader urged him to consider the “military option”.

“After U.S. President Donald Trump rejected Iran’s response to the U.S. Peace proposal, Brent oil rose higher, dollar index also higher and risky assets lower. Israeli attacks on Lebanon continued while Hezbollah said it struck Israeli army camps with drones while the UAE also intercepted drones from Iran,” Anil Kumar Bhansali, Head of Treasury and Executive Director, Finrex Treasury Advisors LLP, said.

“Thus the war continues keeping oil prices higher and accordingly rupee opened lower than Friday’s close. On Friday, the Reserve Bank of India (RBI) was present near to 94.70 levels taking the closing of rupee higher to 94.48,” he said.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading at 98.20, up 0.20 per cent.

Brent crude, the global oil benchmark, rose sharply by 4.17% to $105.5 per barrel in futures trade.

On the domestic equity market front, Sensex plummeted 810.35 points, or 1.05%, to 76,517.84, while the Nifty tanked 225.40 points, or 0.93%, to 23,950.75.

Foreign Institutional Investors offloaded equities worth ₹4,110.60 crore on Friday (May 8, 2026), according to exchange data.

India’s forex reserves dropped by $7.794 billion to $690.693 billion during the week ended May 1, the RBI said on Friday (May 8, 2026). In the previous reporting week ended April 24, the overall reserves declined by $4.82 billion to $698.487 billion.

The rupee depreciated 11 paise to 94.27 against U.S. dollar in early trade on Monday (April 27, 2026) driven by persistent dollar demand and a broader shift toward safe-haven assets.

Forex traders said the Indian rupee has hit a rough patch, falling for five consecutive sessions, weighed down by a combination of factors such as the RBI loosening its grip on currency rules and rising oil prices caused by global tensions.

Moreover, investors are becoming cautious again, with foreign institutions pulling money out of the market after a brief period of buying amid rising geopolitical uncertainty.

At the interbank foreign exchange market the rupee opened at 94.25 against the U.S. dollar, then lost some ground and touched 94.27 against the U.S. dollar in initial trade, registering a fall of 11 paise over its previous close. On Friday (April 24, 2026), the rupee had settled at 94.16 against the American currency.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was down 0.09% at 98.44.

Brent crude, the global oil benchmark, was trading higher by 1.16% at $106.55 per barrel in futures trade.

A mix of softer economic signals and renewed, even if fragile, hopes of diplomacy pulled the dollar lower again, CR Forex Advisors MD Amit Pabari said, adding that for Rupee, on one hand, a softer dollar offers relief. On the other, uncertainty remains the dominant force.

Meanwhile, India’s forex reserves have crossed $703 billion as of April 17, reflecting a consistent build-up of buffers.

“For now, the rupee continues to lean toward gradual weakness. Uncertainty remains the dominant force, shaping both global flows and local reactions,” Mr. Pabari said.

He further noted that any dips are likely to be bought into, with the 92.80–93.20 zone acting as a strong support. On the upside, 93.50 to 94.50 is expected to define the near-term range.

On the domestic equity market front, the 30-share benchmark index Sensex was trading 518.96 points or 0.68% higher at 77,183.17, while the broader Nifty was trading up 131.30 points or 0.55% at 24,029.25.

Foreign Institutional Investors offloaded equities worth ₹8,827.87 crore on Friday (April 24, 2026), according to exchange data.

In the recent past, there has been lot of apprehensions on the weakening of our currency, and rightly so. For a perspective on the extent of weakening of INR, over the past few decades, it depreciates on an average 2.5% to 3% per year against the U.S. Dollar.

We as a growing economy import a lot, higher than our exports, and to manage this, our currency depreciates. The issue in the recent past has been that in 2025-26, INR moved from 85.53 to the greenback on March 31, 2025 to 92.76 on March 30, 2026 i.e. a depreciation of 8.45%. If we look at the intermediate low point of 94.71 on March 23, 2026, till that point of time, our currency had depreciated 10.73%. How does this impact you?

The rupee extended its losing streak for the fourth straight session, sliding past the 94 level for the second time in a month and trading 34 paise lower at 94.12 against the U.S. dollar in early trade on Thursday (April 23, 2026), as crude oil prices surged amid a lack of progress in West Asia peace talks.

The currency also remained under pressure due to massive selling of domestic equities and the withdrawal of foreign investors amid rising worldwide demand for the American currency, forex traders said.

At the interbank foreign exchange market, the rupee opened at 94.04 and lost further ground to trade at 94.12 against the greenback in early deals, registering a loss of 34 paise from the previous closing level.

The rupee declined 34 paise to close at 93.78 against the US dollar on Wednesday, the third straight day of fall. In the preceding two sessions, the currency has fallen by 53 paise.

Facing geopolitical headwinds triggered by the war in West Asia, the domestic currency breached the crucial 94-a-dollar level for the first time on March 23 and recorded its lowest-ever intra-day level of 95.22 on March 30. The currency recovered since then, following a slew of measures from the Reserve Bank of India.

It ended the previous week at 92.91 against the greenback on April 17 before giving in to the pressure again due to renewed tensions in West Asia and uncertainties over the opening of the Strait of Hormuz, the key route for global fuel supply.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was 0.12 per cent higher at 98.53.

Brent crude, the global oil benchmark, was trading 1.37% higher at $103.31 per barrel in futures trade.

In the domestic equity markets the 30-share Sensex was trading 632.36 points or 0.81% down at 77,884.13 in early trade, while the Nifty declined 179.10 points or 0.73% to 24,198.90.

Foreign Institutional Investors offloaded equities worth about ₹2,078.36 crore on Wednesday (April 22, 2026), according to the exchange data.

In a latest development, President Donald Trump has said that the U.S. has extended the ceasefire with Iran indefinitely, as a new round of peace talks was on hold.

According to Iranian state media, Tehran acknowledged the ceasefire extension but didn’t say it was ready to attend a new round of talks to end the war.

The rupee depreciated 8 paise to 90.98 against the American currency in early trade on Tuesday (January 20, 2026), as strong dollar demand from metal importers and persistent foreign fund outflows dented investor sentiment.

Forex traders said rising geopolitical uncertainty, including renewed U.S. expansionary signals, has increased risk aversion and kept emerging market currencies under pressure.

Moreover, a sluggish domestic stock market triggered by an exodus of foreign capital, they said.

At the interbank foreign exchange, the rupee opened at 90.91 and lost ground to trade at 90.98 against the greenback, down 8 paise from its previous close.

On Monday (January 19), the rupee depreciated by 12 paise to close at 90.90 against the greenback, a tad above its record low closing level. On December 16, 2025, the rupee reached its lowest intra-day level of 91.14 and its lowest closing level of 90.93 against the American currency.

“The U.S. Supreme Court will be giving a decision on the legality of the Trump Tariffs, which will affect the world markets directly. Presently, all the markets are in risk-off mode with Gold and Silver getting bought as safe havens,” said Anil Kumar Bhansali, Head of Treasury and Executive Director at Finrex Treasury Advisors LLP.

Meanwhile, the dollar index, which measures the greenback’s strength against a basket of six currencies, was trading 0.44% lower at 98.95.

Brent crude, the global oil benchmark, was trading 0.11% higher at $64.01 per barrel in futures trade.

On the domestic equity market front, Sensex declined 311.33 points to 82,934.85 in early trade, and the Nifty dropped 99.5 points to 25,486.

Foreign institutional investors offloaded equities worth ₹3,262.82 crore on Monday (January 19), according to exchange data.

“Foreign investors have withdrawn more than $3 billion from Indian equities so far in January, and the steady outflow has made the rupee increasingly sensitive to even modest dollar demand. With capital moving out, stability becomes harder to defend,” CR Forex Advisors MD Amit Pabari said.

Mr. Pabari further noted that the ongoing global uncertainty, combined with a sustained break above 91.07, could pave the way for a move toward the 91.70–92.00 zone, unless offset by active intervention from the RBI. On the downside, any corrective move is likely to find initial support in the 90.30–90.50 range.

The rupee weakened by 5 paise to 90.22 against the U.S. dollar in early trade on Tuesday (January 13, 2026), amid a strengthening American currency, higher crude oil prices and incessant outflow of foreign funds.

An unprecedented geopolitical concern and global trade uncertainties have accelerated the dollar demand worldwide, adding strength to the greenback and putting pressure on the Indian currency, analysts said.

At the interbank foreign exchange, the rupee opened at 90.24 and gained slightly to trade at 90.22 against the greenback in early deals, registering a loss of 5 paise from its previous closing level.

On Monday (January 12, 2026), the rupee ended 1 paisa higher at 90.17 against the U.S. dollar.

Meanwhile, the dollar index, which measures the strength of the greenback against a basket of six currencies, was trading 0.11 per cent higher at 98.73.

Brent crude, the global oil benchmark, was trading 0.28% higher at $64.05 per barrel in futures trade.

Foreign institutional investors offloaded equities worth ₹3,638.40 crore on Monday (January 12), according to exchange data.

On the domestic equity market front, the 30-share benchmark index Sensex rose 125.96 points or 0.15% to 84,004.13, while the Nifty advanced 47.25 points or 0.18% to 25,837.50.

Analysts attributed the buying trend in equities to the positive cues triggered by strong domestic macroeconomic numbers.

According to government data released on Monday, India’s retail inflation rose to a three-month high of 1.33% in December, mainly due to higher prices of food items, but remained below the Reserve Bank of India’s lower tolerance level.

Also, the latest data from the Income Tax Department showed the government’s net direct tax collection grew about 8.82% to over ₹18.38 lakh crore in the current fiscal till January 11 due to slower refunds and better corporate tax mop-up.

Net corporate tax collection grew 12.4% to over ₹8.63 lakh crore, and taxes from non-corporates, including individuals, rose 6.39% to about ₹9.30 lakh crore.

The rupee recovered from low levels and settled 2 paise higher at 90.16 (provisional) against the U.S. dollar on Monday (January 12, 2026) on weak American currency and sliding crude oil prices.

Equity market sentiment also improved after the new U.S. envoy to India, Sergio Gor, said that both sides are actively engaged in firming up a trade deal, forex analysts said.

However, a volatile geopolitical situation kept the domestic currency under pressure, restricting its recovery, they said. Also, traders awaited cues from domestic and US macroeconomic data to be released this week.

At the interbank foreign exchange, the rupee opened at 90.23 and strengthened to 90.13 during intra-day. It also touched a low of 90.25 before ending the session at 90.16 (provisional) against the greenback, registering a gain of 2 paise from its previous closing level.

On Friday (January 9, 2026), the rupee depreciated by 28 paise to close at 90.18 against the U.S. dollar.

The rupee opened weak on risk aversion in global markets and rising geopolitical tensions, but recovered on a bounce back in domestic markets after U.S. Ambassador Sergio Gor said that the delegates of both nations are working to finalise a trade deal, said Anuj Choudhary, Research Analyst, Mirae Asset ShareKhan.

“Traders now focus on inflation data from the U.S. and India. USD-INR spot price is expected to trade in a range of ₹89.90 to ₹90.60,” he added.

Meanwhile, the dollar index, which measures the strength of the greenback against a basket of six currencies, was trading 0.34% lower at 98.55.

Brent crude, the global oil benchmark, was trading 0.28 per cent lower at USD 63.16 per barrel in futures trade.

On the domestic equity market front, the 30-share benchmark index Sensex gained 301.93 points or 0.36% to settle at 83,878.17, while the Nifty rose 106.95 points or 0.42% to 25,790.25.

Foreign institutional investors offloaded equities worth ₹3,769.31 crore on Friday (January 9), according to exchange data.

The latest weekly data released by the Reserve Bank of India (RBI) on Friday showed India’s forex reserves dropped by $9.809 billion to $686.801 billion in the week to January 2. In the previous week, the reserves had jumped by $3.293 billion to $696.61 billion.

The rupee rose 18 paise to 90.12 against the U.S. dollar in early trade on Tuesday (January 6, 2026) on the back of a weaker greenback and a dip in global crude oil prices.

However, U.S. President Donald Trump’s remarks on tariffs on India, FII outflows, and sustained weak sentiments at the domestic equity markets capped sharper gains in the rupee, according to forex traders.

At the interbank foreign exchange, the rupee opened at 90.22 against the U.S. dollar and rose further to 90.12, up 18 paise from its previous close.

On Monday (January 5, 2026), the rupee stayed weak for the fourth straight session and closed 10 paise lower at 90.30 against the US dollar, as a surge in geopolitical uncertainty has bolstered the greenback’s appeal.

“Trump threatened India with more tariffs if India did not toe the line of not buying oil from Russia. The rupee continues to be hampered by the threats. There is a good chance for the rupee to go back to 91 levels with the trade deal not happening in near future,” Anil Kumar Bhansali, Head of Treasury and Executive Director, Finrex Treasury Advisors LLP, said.

The U.S. has carried out a military operation in Venezuela and deposed President Nicolas Maduro. President Trump said the U.S. would “run” the South American country and tap its vast oil reserves to sell to other nations.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading 0.04% higher at 98.22.

“The US dollar index fell to 98.31 levels after the U.S. ISM Manufacturing PMI came lower than expected at 47.9, giving market indication of rate cuts due to a weakening economy,” Bhansali added.

Brent crude, the global oil benchmark, was trading 0.31% lower at $61.57 per barrel in futures trade.

On the domestic equity market front, the 30-share benchmark index Sensex declined 431.95 points to 85,007.67 in early trade, while Nifty was down 105.6 points to 26,144.70.

Foreign institutional investors offloaded equities worth ₹36.25 crore on Monday (January 5, 2026), according to exchange data.

The rupee opened weak and declined 4 paise to 90.24 against the U.S. dollar in early trade on Monday (January 5, 2026), as geopolitical uncertainties triggered by the U.S. intervention in Venezuela fuelled the demand for the American currency.

According to forex traders, the rupee is expected to trade lower due to geopolitical development, even though a lower crude prices could provide some cushion.

At the interbank foreign exchange market, the rupee opened at 90.21 against the U.S. dollar and lost further to trade at 90.24 against the greenback in early deals.

On Friday (January 2, 2026), the rupee settled lower by 22 paise at 90.20 against the U.S. dollar.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading 0.36% higher at 98.50.

The U.S. on Saturday (January 3, 2026) carried out a military operation in Venezuela an deposed President Nicolas Maduro. President Donald Trump said the US would “run” the South American country and tap its vast oil reserves to sell to other nations.

Brent crude, the global oil benchmark, was trading 0.07% lower at $60.70 per barrel in futures trade.

On the domestic equity market front, the 30-share benchmark index Sensex declined 135.81 points to 85,626.20 in early trade, while the Nifty was down 25.75 points to 26,302.80.

Foreign institutional investors turned net buyers, picking up equities worth ₹289.80 crore on Friday (January 2, 2026), according to exchange data.

The latest RBI data released on Friday (January 2, 2026) showed India’s forex reserves jumped by $3.293 billion to $696.61 billion in the week to December 26. The overall kitty had increased by $4.368 billion to $693.318 billion in the previous reporting week.