The rupee settled just 3 paise higher at 95.33 (provisional) against the U.S. dollar on Wednesday (August 12), as hopes of a quick U.S.-Iran agreement and reopening of the Strait of Hormuz faded.

Forex traders said Brent crude is moving towards $90 per barrel amid risk aversion in global markets.

At the interbank foreign exchange market, the rupee opened at 95.40 against the greenback and traded in a range of 95.24-95.43 during the session. It eventually settled at 95.33 (provisional), higher by 3 paise from its previous close.

On Tuesday (August 11), the rupee declined 6 paise to settle at 95.36 against the U.S. dollar.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading at 99.85, up 0.03%, largely on the back of oil-related uncertainty.

Brent crude, the global oil benchmark, was trading higher by 0.07% at $88.97 per barrel in futures trade. According to traders, the U.S. CPI print is a key factor for the USD/INR pair.

A hotter-than-expected CPI would strengthen expectations of a September Fed rate hike, pushing yields and the dollar higher.

“This could put further pressure on the rupee, while a softer reading could ease rate-hike expectations and support the rupee,” CR Forex Advisors MD- Amit Pabari said.

On the domestic equity market front, Sensex declined 187.90 points to settle at 77,966.35, while Nifty dipped 35.75 points to 24,435.95.

Foreign institutional investors purchased ₹258.55 crore worth of equities on a net basis on Tuesday (August 11), according to exchange data.

Meanwhile, Fitch Ratings on Tuesday (August 11) retained India’s sovereign credit rating at ‘BBB-‘ for the 20th year in a row, but flagged risks of pressure on fiscal spending amid youth protest over jobs.

Fitch said despite headwinds from the energy shock due to the West Asia conflict, India’s economy remains strong with a robust growth outlook and solid external finance fundamentals.

The rupee gained 9 paise to 88.51 against the U.S. dollar in early trade on Wednesday (November 19, 2025), supported by lower crude oil prices even as volatile equity markets across the globe weighed on investor sentiment.

The rupee also faced pressure due to a strong American currency as well as withdrawal of foreign capital from domestic stock markets, forex traders said.

At the same time, investors were concerned about the progress on the proposed India-U.S. trade deal and the domestic PMI data to be released later this week.

At the interbank foreign exchange market, the rupee opened at 88.57 and gained further to trade at 88.51 against the greenback in initial deals, up 9 paise from its previous closing level.

On Tuesday (November 18), the rupee settled 1 paisa lower at 88.60 against the U.S. dollar.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading 0.04 per cent higher at 99.49.

Brent crude, the global oil benchmark, declined 0.34% to $64.67 per barrel in futures trade.

On the domestic equity market front, Sensex declined 46.27 points, or 0.05%, to 84,626.75 in early trade, while the Nifty slipped 8.35 points, or 0.03%, to 25,901.70.

Foreign institutional investors sold equities worth ₹728.82 crore on Tuesday (November 18), according to exchange data.

Commerce and Industry Minister Piyush Goyal on Tuesday (November 18) said “you will hear a good news” on the proposed trade pact between India and the US once the deal is fair, equitable and balanced.

The remarks came days after U.S. President Donald Trump stated that the U.S. is “pretty close” to reaching a “fair trade deal” with India, and added that he will lower tariffs imposed on Indian goods at “some point”.