The rupee rebounded on Monday (November 24, 2025) from record lows, rising 49 paise to 89.17 against the greenback in early trade on U.S. dollar selling by banks and a dip in global crude oil prices.

A positive opening in the domestic equity markets and intervention by the Reserve Bank of India (RBI) lent support to the domestic unit, according to forex traders.

The rupee plunged 98 paise to close at its lifetime low of 89.66 against the U.S. dollar on Friday (November 21, 2025), due to a huge demand for the greenback in the domestic forex market amid widespread selling pressure in local and global equities and trade-related uncertainties.

In the steepest fall in over three years, the domestic currency nosedived 98 paise to finally settle at 89.66 against the American currency.

The previous biggest one-day fall was recorded at 99 paise against the dollar on February 24, 2022.

“Most traders believe that rupee may not cross 90 as it may remain protected for a few more weeks and expect a positive (India-U.S.) trade deal outcome by December-end. The market is bracing for more weakness after the rupee slid to a record low on Friday (November 21),” Anil Kumar Bhansali, Head of Treasury and Executive Director, Finrex Treasury Advisors LLP, said.

In the absence of a trade deal, the 90-mark doesn’t seem quite distant now, he added.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was marginally up by 0.01% at 100.18.

Brent crude, the global oil benchmark, was trading 0.10% lower at $62.50 per barrel in futures trade.

On the domestic equity market front, the Sensex climbed 218.44 points to 85,450.36 in early trade while Nifty was up 69.4 points to 26,137.55.

Foreign institutional investors sold equities worth ₹1,766.05 crore on a net basis on Friday (November 21, 2025), according to exchange data.

Forex reserves jumped $5.543 billion to $692.576 billion during the week ended November 14 due to a steep increase in the value of gold reserves, the RBI said on Friday (November 21).

The rupee recovered 14 paise from its all-time low to 87.66 against the U.S. dollar in early trade on Thursday (July 31, 2025) on suspected RBI intervention, after U.S. President Donald Trump’s tariffs of 25% and the penalty for buying Russian Crude and Arms.

Forex traders said the rupee, which plunged 89 paise, logging its steepest single-day fall in over three years, recovered some lost ground but is trading with a negative bias.

At the interbank foreign exchange, the rupee opened at 87.66, then touched an early low of 87.74 against the U.S. dollar.

On Wednesday (July 30, 2025), the rupee closed at an all-time low of 87.80 against the U.S. dollar after America announced a sweeping 25% tariff on Indian imports in the absence of a trade deal ahead of the August 1 deadline.

“The rupee which is already down by more than 3% since the start of the year after reaching a high of 83.75 in the month of April continued to fall on the news of Trump’s tariffs of 25% and the penalty for buying Russian Crude and Arms,” said Anil Kumar Bhansali Head of Treasury and Executive DirectorFinrex Treasury Advisors LLP.

The dollar index, which gauges the greenback’s strength against a basket of six currencies, fell by 0.03 per cent to 99.78.

Brent oil prices fell 0.19% to $73.10 per barrel.

Meanwhile, the US FED held interest rates steady and signalled it is too early to consider rate cuts, which has supported the dollar throughout the month of July.

“With the RBI controlling the rupee intermittently and oil companies on a buying spree of US dollars before the Trump tariffs on Russia are in place after about 10 days, the rupee was unable to make any headway…, ” Bhansali added.