The rupee slumped 44 paise to close at 94.82 (provisional) against the U.S. dollar on Thursday (October 22, 2026), weighed down by a negative trend in the domestic equity markets and surging crude oil prices.

According to forex analysts, the rupee began trading on a flat-to-lower trajectory due to sluggish domestic equities and surging crude oil prices.

Escalation of attacks by Yemeni Houthis on Saudi Arabia’s energy infrastructure deteriorated global market sentiment, they said, adding that softening of the dollar index and a decline in U.S. Treasury yields cushioned the downside.

At the interbank foreign exchange market, the rupee opened at 94.47 against the dollar, then lost ground to touch an intra-day low of 94.94 and finally settled for the day at 94.82 (provisional), registering a decline of 44 paise over its previous close.

On Wednesday (October 21, 2026), the rupee surged 53 paise to close at 94.38 against the dollar.

The dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading lower by 0.17 per cent at 101.60.

Forex traders said near-term dollar liquidity has improved following the Jio IPO, with potential structural inflows supported by hopes of a U.S. trade agreement.

However, this stability remains vulnerable to renewed foreign portfolio outflows or a spike in crude oil prices near USD 120.

Brent crude, the global oil benchmark, was trading higher by 3.23% at $112.33 per barrel in futures trade.

“Brent crude surged 3% following attacks on Saudi Aramco’s oilfield as well as media reports suggesting escalation in the West Asia conflict post the US mid-term election,” said Sunny Aggrawal, Head — Fundamental Research at SBI Securities.

On the domestic equity market front, Sensex fell 460.30 points to settle at 73,249.39, while the Nifty dropped 123.70 points to 22,687.65.

Foreign Institutional Investors (FIIs) purchased equities worth Rs 1,022.32 crore on a net basis on Wednesday, according to exchange data.

Meanwhile, the retail portion of Jio Platforms’ initial public offering was fully subscribed, within two hours into the second day of bidding on Thursday.

Qualified Institutional Buyers led the demand at 9.42 times, followed by non-institutional investors at 2.34 times. The shareholders’ portion was subscribed 2.06 times, while the employees’ quota saw 1.61 times subscription.

Overall, the issue was subscribed 3.47 times at 11:00 a.m. on the second day, according to exchange data.

The rupee stayed on upward momentum for the sixth straight session on Friday (October 16, 2026) and settled 7 paise higher at 94.92 (provisional) against the U.S. dollar, backed by the Reserve Bank’s measures to curb spot dollar demand.

However, elevated crude oil prices and foreign fund outflows capped the rupee’s gains, according to forex traders.

At the interbank foreign exchange market, the rupee opened at 94.75 against the American currency. In intraday trade, it touched a high of 94.71 and a low of 95.06 before settling at 94.92 (provisional), up 7 paise from the previous close.

On Thursday (October 15, 2026), the rupee appreciated 18 paise to close at 94.99 against the U.S. dollar.

“The rupee is now approaching a crucial support zone around 94. Persistent pressure from elevated crude oil prices, rising U.S. Treasury yields, and continued foreign equity outflows has prompted the RBI to intensify its intervention to limit the impact of currency weakness on domestic inflation and broader financial stability,” said Kaveri More, commodity technical analyst, Choice Broking.

The RBI has reportedly deployed around $75-80 billion through spot dollar sales and dollar-rupee swaps since its special measures to attract foreign currency inflows came into effect on June 8, he said.

“Going forward, the rupee’s near-term direction will depend on the effectiveness of RBI intervention, movements in crude oil prices and U.S. bond yields, and the pace of foreign investor flows. While continued central bank support may help stabilise the currency, sustained external pressures could limit further appreciation,” Ms. More said.

The dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading lower by 0.41% at 101.445.

Brent crude, the global oil benchmark, was trading down by 0.34% at $105.56 per barrel in futures trade.

On the domestic equity market front, Sensex climbed 413.66 points to settle at 74,729.27 while Nifty rose 148.80 points to close at 23,146.15.

Foreign Institutional Investors (FIIs) offloaded equities worth ₹5,285.37 crore on a net basis on Thursday (October 15, 2026), according to exchange data.

The rupee appreciated 82 paise to 94.96 against U.S. dollar in early trade on Tuesday (October 13, 2026), supported by various RBI measures aimed at reducing immediate dollar demand and curbing excessive positions in the foreign exchange market.

Forex traders said measures including a dedicated dollar window for oil marketing companies through designated banks and higher costs for certain foreign exchange hedging transactions, are expected to reduce dollar demand in the spot market and curb speculative positions against the rupee.

At the interbank foreign exchange market, the rupee opened at 95.53, then gained ground to touch 94.96, registering a gain of 82 paise over its previous close.

On Monday (October 12, 2026), the rupee appreciated 93 paise, logging its steepest single-day gain in more than six months, to close at 95.78 against the U.S. dollar.

“With the RBI’s measures supporting the rupee, we expect USD/INR to move towards 95.00–94.80 range in the near term,” CR Forex Advisors MD Amit Pabari said.

The RBI on Saturday tightened rules governing forex derivatives trades to curtail speculative bets against the rupee and asked banks to create a 20% reserve for dollar purchases of over $2 million.

In another set of measures announced on Saturday (October 10, 2026) on the derivatives front, the RBI said authorised dealers (AD) should not permit users to rebook any foreign exchange derivative contract involving the INR, whether deliverable or non-deliverable, which has been cancelled.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading lower by 0.15 per cent at 102.43.

Brent crude, the global oil benchmark, was trading lower by 1.11% at $105.47 per barrel in futures trade.

On the domestic equity market front, Sensex climbed 305 points to 72,224.15, while the Nifty was up 93.40 points to 22,458.50.

Foreign Institutional Investors (FIIs) offloaded equities worth ₹1,708.48 crore on a net basis on Monday, according to exchange data.

On the macroeconomic front, retail inflation in the country rose sharply to 5.54% in September on the back of high onion and other food prices, remaining just within the RBI’s tolerance band, government data released on Monday showed.

The consumer price index (CPI) based headline inflation was 4.83 per cent in August, according to the National Statistics Office (NSO).

The rupee rebounded sharply from a record low level, gaining 91 paise to 95.80 against the U.S. dollar in early trade on Monday (October 12, 2026), after the Reserve Bank of India stepped in with several measures to contain volatility in the currency exchange market.

The Reserve Bank, on Saturday (October 10, 2026), announced several measures, including a dedicated dollar window for oil marketing companies through designated banks and higher costs for certain foreign exchange hedging transactions, to reduce dollar demand in the spot market and curb speculative positions.

Forex analysts said that these measures are expected to help the Indian currency sustain pressure from elevated crude oil prices and a strong dollar.

The RBI, in its October 10 circulars, barred authorised dealers from allowing traders to rebook cancelled rupee-linked foreign exchange derivative contracts, while continuing to permit rollovers on maturity subject to existing regulations.

It also reduced the threshold for undertaking foreign exchange derivative transactions without establishing an underlying exposure to $5 million from $100 million, across authorised dealers and recognised stock exchanges.

The central bank also introduced a Foreign Exchange Risk Reserve (FERR), requiring authorised dealers to maintain with the RBI, in cash, 20 per cent of the rupee equivalent of the notional amount of each rupee-linked foreign exchange derivative contract exceeding USD 2 million, where the transaction is undertaken to hedge current account exposures involving the purchase of foreign currency against the rupee.

The RBI said the measures were aimed at strengthening market discipline and ensuring appropriate risk management while maintaining an orderly and transparent foreign exchange market.

At the interbank foreign exchange market, the rupee opened stronger at 95.61 and pared some gains in early deals to trade at 95.80 against the greenback, registering a rise of 91 paise over its previous close.

The Indian currency closed Friday’s session with a gain of 17 paise at 96.71, a day after falling 13 paise to hit its lowest closing level of 96.88 against the dollar.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading marginally lower by 0.08% at 101.94.

The rupee depreciated by 13 paise to close at 96.88 (provisional) against the U.S. dollar on Thursday (October 8, 2026), on risk aversion in global markets amid escalation of geopolitical tensions.

Forex traders said the rupee is under pressure amid persistent macroeconomic headwinds, including global dollar strength (DXY trading near multi-month highs) and elevated Brent crude prices hovering near $104 per barrel.

However, suspected intervention by the Reserve Bank of India supported the domestic unit at lower levels.

At the interbank foreign exchange market, the rupee opened at 96.71 against the U.S. dollar; in intraday trade, the rupee touched a high of 96.65 and a low of 96.79 against the greenback.

At the end of the trading session on Thursday, the rupee closed at 96.88 (provisional), down 13 paise over its previous close.

On Wednesday, the rupee closed at 96.75 against the American currency.

“We expect the rupee to trade with a negative bias on risk aversion in global markets amid escalation of geopolitical tensions. A strong dollar and surge in crude oil prices may also pressurise the rupee.

“However, declining odds of a rate hike by the U.S. Fed in October and any intervention by the RBI may support the rupee at lower levels. Traders may also take cues from weekly unemployment claims data out of the U.S.,” said Anuj Choudhary, Research Analyst, Mirae Asset Sharekhan.

Forex traders said investors will wait for the RBI to take action against speculation on the USD/INR pair, with the Governor Sanjay Malhotra assuring to help in finding rupee to its true value, which is undervalued presently.

“We will ensure that the rupee stabilises, that the rupee finds its correct value, and we will support an orderly movement of the rupee in finding its correct value and at the same time in ensuring that there is no excessive volatility,” the RBI governor said on Wednesday.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading at 102.40, higher by 0.16 per cent.

Brent crude, the global oil benchmark, was trading higher by 4.20% at $104.41 per barrel in futures trade amid concerns over disruptions to crude supplies through the Strait of Hormuz.

The resurgence in crude oil prices is largely fuelled by ongoing geopolitical tensions in the Middle East, where attacks on commercial shipping in the Gulf and Strait of Hormuz threaten global supply lines.

On the domestic equity market front, Sensex tumbled 1,045.46 points to settle at 71,593.24, while the Nifty slumped 371.25 points to 22,231.80.

Foreign Institutional Investors (FIIs) offloaded equities worth ₹6,121.37 crore on a net basis on Wednesday, according to exchange data.

The rupee traded in a narrow range and edged up 10 paise to 96.65 against U.S. dollar in early trade on Thursday (October 8, 2026) on likely intervention by the Reserve Bank of India.

Forex traders said rupee is under pressure amid persistent macroeconomic headwinds, including global dollar strength (DXY trading near multi-month highs), elevated Brent crude prices hovering near $102 per barrel.

Moreover, relentless foreign fund outflows as well as fall in forex reserves by $50 billion in just three weeks from the high of $786 billion in September dented investor sentiments further.

At the interbank foreign exchange market, the rupee opened at 96.71, then gained some ground to touch 96.65, registering a rise of 10 paise over its previous close.

On Wednesday (October 7, 2026), the rupee closed at 96.75 against the American currency.

“Strong corporate importer demand for dollars together with safe-haven capital shifts overpowered the RBI’s hawkish policy stance, driving USD/INR higher through the afternoon until routine state-run bank interventions helped stem further losses,” said Anil Kumar Bhansali Head of Treasury and Executive Director Finrex Treasury Advisors LLP.

Forex traders said investors will wait for RBI to take action against speculation on the USD/INR pair with the Governor assuring to help in finding rupee to its true value which is undervalued presently.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading at 102.25, higher by 0.01%.

Brent crude, the global oil benchmark, was trading higher by 2.17% at $102.37 per barrel in futures trade amid concerns over disruptions to crude supplies through the Strait of Hormuz.

“The main reason for the rebound in crude oil prices is persistent concern over Middle East supply and shipping disruptions, particularly with attacks on tankers in the Gulf and around the Strait of Hormuz intensifying,” Bhansali said.

Sensex declined 264.97 points to 72,408.15 in early trade, while Nifty fell 87.50 points to 22,507.65.

Foreign Institutional Investors (FIIs) offloaded equities worth Rs 6,121.37 crore on a net basis on Wednesday, according to exchange data.

The rupee depreciated 25 paise to 95.33 against the U.S. dollar in early trade on Thursday (September 11, 2026) as Brent crude price crossed the $100 mark sharply increasing concerns over India’s import bill.

Forex traders said elevated crude oil prices and persistent dollar demand also weighed on investor sentiments.

In the interbank foreign exchange market, the rupee opened at 95.15 against the U.S. dollar, then fell to 95.33, down 25 paise from its previous close.

On Wednesday (September 9, 2026), the rupee slumped 34 paise to close at 95.08 against the American currency.

“Rupee’s move beyond the psychologically important 95 level also triggered some additional dollar demand and stop-loss activity. However, the decline was contained by RBI intervention,” said Anil Kumar Bhansali, head of treasury and executive director Finrex Treasury Advisors LLP.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading at 98.72, lower by 0.09%.

Brent crude, the global oil benchmark, was trading marginally lower by 0.23% at $ 100.98 per barrel in futures trade, amid escalating U.S.-Iran tensions and fears of disruption to oil flows through the Strait of Hormuz.

“For an economy that imports nearly 90% of its crude, every $10 rise in oil can add roughly $12–15 billion to the annual import bill, putting further pressure on the current account and the rupee. With FCNR-related dollar inflows no longer available to offset this pressure, sustained high oil prices could weigh more heavily on the currency,” CR Forex Advisors MD Amit Pabari said.

The rupee is entering a phase where the temporary support from FCNR-related flows has largely faded, while global headwinds are becoming stronger.

“The break above 95.00 is technically significant. The expectation is that if USD/INR sustains above 95, the probability of a move towards 95.50 has increased, followed by 96.00 if the momentum continues,” Pabari added.

On the domestic equities market front, Sensex was trading marginally up by 38.07 points to 74,809.95 in early trade, while the Nifty was higher by 9.85 points to 23,439.20.

Foreign Institutional Investors (FIIs) offloaded equities worth ₹582 crore on a net basis on Wednesday (September 9, 2026), according to exchange data.

The rupee depreciated 10 paise to 94.66 against the U.S. dollar in early trade on Tuesday (September 8, 2026), as surging Brent crude prices near $97/bbl and West Asian geopolitical friction dampened investor confidence.

Forex traders noted that ongoing RBI dollar sales and strong foreign-currency inflows under special schemes helped keep the rupee range-bound despite heavy external pressures.

At the interbank foreign exchange market, the rupee opened at 94.49 against the U.S. dollar, then touched 94.66, registering a fall of 10 paise from its previous close.

On Monday (September 7, 2026), the rupee fell 13 paise to close at 94.56 against the American currency.

“The RBI’s intervention has been particularly important in preventing higher oil prices from translating into a weaker rupee,” Anil Kumar Bhansali, head of treasury and executive director, Finrex Treasury Advisors LLP, said.

According to Mr. Bhansali, the rupee is expected to stay in a range of 94.00 to 94.75 as crude oil is near to $97 level while dollar index fell to 98.74 and RBI continues to sell USD keeping rupee within the range.

Market is awaiting for U.S. and India CPI data as well as the FOMC on September 16 for further cues, he said.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading at 98.80, lower by 0.37%.

Brent crude, the global oil benchmark, was trading up 0.63% at $97.61 per barrel in futures, amid escalating US-Iran tensions and fears of disruptions to oil flows through the Strait of Hormuz.

On the domestic equities market front, Sensex dropped 382.25 points to 75,750.56 in early trade, while the Nifty declined 97.80 points to 23,681.80.

Foreign institutional investors (FIIs) purchased ₹280.13 crore worth of equities on a net basis on Monday (September 8, 2026), according to exchange data.

The rupee fell 2 paise to close at 95.76 (provisional) against the U.S. dollar on Wednesday (August 19, 2026) as a sharp rise in global crude oil prices amid heightened tensions in West Asia kept markets on edge.

A sharp decline in domestic equity markets put further pressure on the local unit, while RBI intervention and foreign fund inflows lent support, according to forex traders.

At the interbank foreign exchange, the rupee opened at 95.72 and traded in a very narrow range of 95.72-95.76. It eventually settled at 95.76 (provisional), down 2 paise from its previous close.

The rupee depreciated 13 paise to close at 95.74 against the U.S. dollar on Tuesday (August 18, 2026) .

“Rupee has mildly depreciated against the dollar due to higher crude oil prices and strong US bond yields. So long as crude oil prices remain elevated, rupee will continue to be mildly weak,” V K Vijayakumar, Chief Investment Strategist, Geojit Investments Ltd, said.

But there is no room for a sharp depreciation since India has adequate forex reserves and the inflows under the FCNR (B) scheme have been much better than expected, he said.

U.S. President Donald Trump said on Tuesday (August 18, 2026) that the U.S. has no talks planned with Iran but insisted the Strait of Hormuz remains “open and operating”, despite limited traffic and a reported strike on a ship exiting the waterway.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading at 99.85, up 0.04%.

Brent crude, the global oil benchmark, was trading higher by 0.92% at $91.86 per barrel in futures trade.

On the domestic equity market front, Sensex settled 325.78 points, or 0.42%, down to 76,909.68 points, while the Nifty skidded 76.60 points, or 0.32%, to close at 24,078.30.

Foreign institutional investors purchased equities worth Rs 1,651.53 crore on a net basis on Tuesday (August 18, 2026), according to exchange data.

The rupee depreciated 16 paise to close at 95.24 (provisional) against the U.S. dollar on Thursday (August 6, 2026), on slight gains in the U.S. Dollar Index and a modest increase in U.S. treasury yields.

Forex traders said the rupee was pressured by a slight recovery in the U.S. dollar index and foreign fund outflows, even as lower crude oil prices provided some underlying support.

At the interbank foreign exchange market, the rupee opened at 95.13 against the greenback and traded in a range of 95.12-95.24 during the session. It eventually settled at 95.24 (provisional), lower by 16 paise from its previous close.

On Wednesday (August 5, 2026), the rupee gained 20 paise to settle at 95.08 against the U.S. dollar. “Indian rupee declined today on a slight bounce in the U.S. dollar index and modest gains in the U.S. treasury yields.

“However, weak crude oil prices and hopes of a deal between the U.S. and Iran prevented a sharp fall,” said Anuj Choudhary, research analyst, Mirae Asset ShareKhan.

Mr. Choudhary further said that the rupee is likely to trade with a slight positive bias on a rise in risk appetite in global markets amid hopes of a deal between the U.S. and Iran.

“However, any bounce back in the dollar index and U.S. Treasury yields may cap sharp gains. Traders may take cues from weekly U.S. unemployment claims data. USD-INR spot price is expected to trade in a range of 94.80 to 95.50,” Mr. Choudhary said.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading at 99.78, down 0.11%.

Brent crude, the global oil benchmark, was trading higher by 0.09% at $79.52 per barrel in futures trade.

For India, Brent near $80 per barrel substantially reduces pressure on the import bill, inflation, and the current account compared with the $100+ levels seen in July, said Anil Kumar Bhansali, head of treasury and executive director, Finrex Treasury Advisors LLP.

On the domestic equity market front, Sensex climbed 373.76 points to settle at 78,954.76, while the Nifty closed marginally up by 11.35 points to 24,636.

Foreign Institutional Investors turned to selling and offloaded equities worth ₹943.42 crore on a net basis on Wednesday (August 5, 2026), according to exchange data.