The rupee appreciated 20 paise to close at 95.58 (provisional) against the U.S. dollar on Tuesday (September 22, 2026), supported by a sharp fall in crude oil prices on improved global risk sentiments and hopes of diplomatic talks to resolve the U.S.-Iran war.

Forex traders said Brent crude oil prices witnessed a sharp decline after reports surfaced that Iran would open the Strait of Hormuz within seven days if the U.S. lifts its port blockade and eases military pressure around it.

At the interbank foreign exchange market, the rupee opened at 95.75 against the U.S. dollar, then gained some ground and touched 95.55 against the American currency in intraday trade.

At the end of the trading session on Tuesday (September 22, 2026), the rupee settled at 95.58 (provisional) against the American currency, higher by 20 paise from its previous close.

On Monday (September 21, 2026), the rupee appreciated 18 paise to close at 95.78 against the U.S. dollar.

“Indian rupee gained on sharp fall in crude oil prices on media reports that Iran would open the Strait of Hormuz within 7 days if the US lifts its port blockade and eases military pressure around it. US dollar index and US Treasury yields too tumbled from higher levels post the media report,” said Anuj Choudhary, Research Analyst, Mirae Asset Sharekhan.

Mr. Choudhary further noted that the rupee is expected to trade with a positive bias on improved global risk sentiments and hopes of diplomatic talks to resolve the U.S.-Iran war.

“Falling crude oil prices and a decline in the US dollar may also support the rupee. However, any fresh tensions may cap sharp upside. Traders may take cues from ADP weekly employment change data from the US. USD-INR spot price is expected to trade in a range of 95.30 to 95.80,” he said.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading at 100.34, lower by 0.08%.

Brent crude, the global oil benchmark, was trading lower by 1.14% at $99.20 per barrel in futures trade.

On the domestic equities market front, Sensex dropped 329.91 points to settle at 74,529.08, while the Nifty was down 85.30 points to 23,329.

Foreign Institutional Investors (FIIs) offloaded equities worth ₹576.20 crore on a net basis on Monday (September 21, 2026), according to exchange data.

Government data released on Monday (September 21, 2026) showed the output of the country’s nine key infrastructure sectors slowed down to a three-month low of 4.8% in August due to a fall in the production of coal, natural gas, crude oil, and fertiliser.

The output expanded by 6.2% in the same month last year and by 5% in July this year.

The rupee depreciated 19 paise to breach the 96 level against the U.S. dollar for the first time in over two months in early trade on Thursday (September 17, 2026) following weak investor sentiments amid global uncertainties.

The currency, however, pared losses and traded with a gain of 10 paise following suspected RBI intervention.

According to forex analysts, the rupee is expected to see high volatility pressured by elevated crude oil prices hovering at $105 per barrel and the broad strength of the American currency in the overseas market.

Moreover, a rate hike of 25 basis points by the U.S. Federal Reserve, which came for the first time in three years, added strength to the greenback and put additional pressure on the domestic currency.

At the interbank foreign exchange market, the rupee opened at 95.88 and lost further ground to trade at 96.10 against the U.S. dollar in early deals, down 19 paise from its previous close, breaching the crucial 96 level for the first time since July 24.

In initial trade, the currency also touched 95.81, registering a gain of 10 paise from its previous close.

On Wednesday (September 16, 2026), 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 0.10% higher at 100.07.

Brent crude, the global oil benchmark, was trading 0.26% lower but remained elevated at $105.55 per barrel in futures trade.

On the global front, the U.S. House of Representatives passed a bill authorising President Donald Trump to impose sanctions on Russia and steep tariffs on its trading partners in oil and gas, including India and China.

In domestic equities, Sensex rose 183.42 points, or 0.25%, to 74,519.87, while the Nifty advanced 71.45 points, or 0.31%, to 23,288.65.

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

The rupee extended its gaining momentum for the fifth straight session on Thursday (September 3, 2026), appreciating 14 paise to close at 94.59 (provisional) against the U.S. dollar, buoyed by the country’s improved balance of payment condition following higher-than-expected foreign currency deposits.

India mobilised a record $127.23 billion through FCNR (B), or foreign currency non-resident (bank) deposits under a special central bank programme aimed at bolstering the country’s foreign-exchange liquidity.

Including overseas foreign-currency borrowings (OFCB) and external commercial borrowings (ECB), total inflows under the measures reached $136.377 billion, according to RBI data.

At the interbank foreign exchange market, the rupee opened at 94.30 and touched an intraday high of 94.26 and a low of 94.59 during the session.

At the end of Thursday’s trading session, the rupee was quoted at 94.59 (provisional), higher by 14 paise from its previous close.

On Wednesday (September 2, 2026), the rupee settled at 94.73, recording a gain of 22 paise.

The local unit gained 27 paise to settle at 94.95 against the U.S. dollar on Tuesday, after rising 21 paise and 2 paise in the preceding two sessions on Monday and Friday, respectively. “Indian rupee rose sharply amid huge FCNR deposit inflows and FII buying. Softening of the US dollar and US treasury yields amid sharp appreciation in the Yen also supported the rupee,” said Anuj Choudhary, Research Analyst, Mirae Asset ShareKhan.

Mr. Choudhary said the rupee is expected to trade with a positive bias on optimism over rising foreign inflows, a rise in risk appetite in global markets and softening of the U.S. Dollar.

“However, elevated crude oil prices and any fresh escalation of tensions between the US and Iran may cap sharp upside. Traders may take cues from trade balance, weekly unemployment claims and ISM services PMI data from the US,” Mr. Choudhary added.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading at 99.22, marginally lower by 0.38% on safe-haven demand amid renewed U.S.-Iran tensions.

Brent crude, the global oil benchmark, was trading higher by 0.85% at $96.44 per barrel in futures trade, on escalating U.S.-Iran tensions and fears of disruption to oil flows through the Strait of Hormuz.

On the domestic equities market front, Sensex dropped 417.49 points to settle at 76,152.86, while the Nifty fell 41 points to 23,873.45.

Foreign institutional investors purchased equities worth ₹6,688.37 crore on a net basis on Wednesday (September 2, 2026), according to exchange data.

The rupee traded in a tight range and settled for the day at 94.97 (provisional) on Wednesday (September 2, 2026), recording a marginal loss of 2 paise as the support from foreign capital inflows was negated by weak local equities and a strong U.S. dollar.

Forex traders said the RBI is keeping a tab on the rupee’s fall as Brent crude prices have risen to $95 per barrel and the dollar index is hovering around 99.80 on a bout of risk aversion on renewed U.S.-Iran tensions.

Moreover, market participants have raised the probability of a hike in interest rates by the U.S. Federal Reserve in September, pushing U.S. Treasury yields higher and triggering a broad dollar rally.

Investor sentiment also impacted after the 10-year U.S. Treasury yields rose above 4.8% – the highest since January 2025 – following softer-than-anticipated U.S. economic data.

At the interbank foreign exchange market, the rupee opened at 94.97 and touched an intraday high of 94.83 and a low of 94.99 during the session.

At the end of Wednesday’s trading session, the rupee was quoted at 94.97 (provisional), lower by 2 paise from its previous close.

“We expect the rupee to trade with a slight negative bias amid renewed geopolitical tensions as the U.S. attacked Iran, leading to a further surge in crude oil prices. Hawkish comments from Fed Chair Kevin Warsh may further pressurise the rupee.

“However, any de-escalation of tensions may support the rupee at lower levels. Traders may take cues from ADP non-farm payrolls and factory orders data from the U.S. USD-INR spot price is expected to trade in a range of 94.70 to 95.25,” said Anuj Choudhary, Research Analyst, Mirae Asset ShareKhan.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading at 99.82, higher by 0.14 per cent.

Brent crude, the global oil benchmark, was trading higher by 0.44% at $95.07 per barrel in futures trade, amid concerns over disruptions to crude supplies through the Strait of Hormuz.

On the domestic equities market front, Sensex dropped 373.93 points to settle at 76,570.35, while the Nifty was down 141.35 points to 23,914.45.

Foreign institutional investors purchased equities worth ₹1,143.38 crore on a net basis on Tuesday (September 1, 2026), according to exchange data.

The rupee traded in a narrow range and rose 7 paise to 95.64 against the American currency in early trade on Monday (August 24, 2026), supported by a softer U.S. dollar, but simmering geopolitical tensions kept it from making strong gains.

Forex traders said the Dollar Index has weakened, but elevated Brent crude and persistent importer demand limited the rupee’s gains.

Moreover, investors are treading a cautious path as Washington is set to unveil a fresh wave of sanctions on Iran, targeting its oil trade, banking network and shipping routes.

At the interbank foreign exchange, the rupee opened at 95.68, then rose to 95.64, higher by 7 paise from its previous close.

On Friday (August 21, 2026), the rupee settled higher by just 3 paise at 95.71 against the U.S. dollar.

“The worry for markets isn’t just Iran; it’s who else gets caught in the crossfire, since several major economies continue to engage with Iranian trade in some form. Until the details are out this evening, oil and currency markets are likely to stay cautious,” CR Forex Advisors MD Amit Pabari said.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading at 98.82, higher by 0.03%.

Brent crude, the global oil benchmark, was trading lower by 1.32% at $93.14 per barrel in futures trade.

On the domestic market front, Sensex climbed 202.42 points to 77,744.15 in early trade, while the Nifty was trading up 55.35 points at 24,309.

Foreign institutional investors offloaded equities worth ₹542.71 crore on a net basis on Friday (August 21), according to exchange data.

India’s forex reserves jumped $9.905 billion to $716.907 billion during the week ended August 14, the Reserve Bank of India (RBI) said on Friday (August 21).

The rupee pared initial gains and settled for the day with gains of just 3 paise at 95.70 against the U.S. dollar on Thursday (August 20, 2026), as the support from the weaker dollar index was negated by elevated crude oil prices.

Forex traders said while a weaker U.S. dollar eases some depreciation pressure on the domestic currency, crude oil hovering above $90 would continue to keep pressure on India’s import bill.

The dollar index fell to its lowest level since late May after the U.S. Treasury announced that it would double its buyback operations for longer-dated Treasury bonds, pushing U.S. long-term yields lower and reducing the dollar’s yield advantage.

At the interbank foreign exchange, the rupee opened at 95.57 against the greenback and traded in a range of 95.56-95.72 during the session. It eventually settled at 95.70 (provisional), higher by 3 paise from its previous close.

On Wednesday (August 19, 2026), the rupee stayed almost flat, ending just 1 paisa higher at 95.73 against the U.S. dollar.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading at 98.61, lower by 0.22 per cent.

Brent crude, the global oil benchmark, was trading higher by 2.22% at $93.65 per barrel in futures trade.

According to Anuj Choudhary, Research Analyst, Mirae Asset ShareKhan, the rupee opened higher on weak dollar and positive domestic markets. However, rupee pared initial gains on rising crude oil prices.

“We expect the rupee to trade with a slight negative bias on renewed geopolitical tensions between the U.S. and Iran after U.S. President Donald Trump announced crushing economic sanctions against Iran.

“Rising crude oil prices and inflation worries may also drag the rupee lower. However, a falling the US dollar amid diminishing rate hike expectations may support the rupee at lower levels. Traders may take cues from weekly unemployment claims data from the US. USDINR spot price is expected to trade in a range of 95.50 to 96,” Mr. Choudhary said.

On the domestic market front, Sensex jumped 628.04 points to settle at 77,537.72, while the Nifty surged 153.55 points to 24,231.85.

Foreign institutional investors purchased equities worth ₹407.99 crore on a net basis on Wednesday (August 19, 2026), according to exchange data.

The rupee fell 6 paise to 95.42 against the U.S. dollar in early trade on Wednesday (August 12, 2026), weighed down by the sharp rise in Brent crude toward $90/bbl, as hopes of a quick U.S.-Iran agreement and reopening of the Strait of Hormuz faded.

Also Read: The solution to the falling rupee lies in diplomacy

Forex traders said the principal driver behind the rise in Brent crude prices is the uncertainty over the Strait of Hormuz.

Markets are increasingly sceptical about a quick U.S.-Iran agreement, while reports of attacks on shipping have renewed concerns about physical supply, they said.

At the interbank foreign exchange, the rupee opened at 95.40 before slipping further to 95.42, down 6 paise from its previous close.

On Tuesday (August 11, 2026), the rupee declined 6 paise to settle at 95.36 against the U.S. dollar. With Brent now near $90 per barrel, INR/USD at 95.50 becomes the immediate level to watch, followed by 95.80–96.00 if oil remains elevated, Anil Kumar Bhansali, Head of Treasury and Executive Director, Finrex Treasury Advisors LLP, said.

Brent crude, the global oil benchmark, was trading higher by 1% at $89.80 per barrel in futures trade.

“Rupee opened at 95.42 with oil prices slightly down at USD 89.36 per barrel while the dollar index was at 99.83 virtually unchanged. Oil companies continue to buy U.S. dollars for their daily requirements while RBI continues to support the rupee at various levels daily,” Mr. Bhansali added.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading at 99.87, up 0.05%.

“Markets are largely in wait-and-watch mode ahead of the U.S. inflation data, with the dollar receiving some support from elevated oil prices but limited by expectations that inflation may continue to moderate,” Bhansali said.

On the domestic equity market front, Sensex dipped 35.99 points to 78,097.31 in early trade, while the Nifty skid 31.15 points to 24,444.55.

Foreign institutional investors purchased equities worth ₹258.55 crore on a net basis on Tuesday (August 11, 2026), according to exchange data.

The rupee fell 8 paise to 95.25 against the U.S. dollar in early trade on Monday (August 10, 2026), weighed down by a stronger greenback and a rise in global crude oil prices.

However, FII inflows and a rise in the country’s forex reserves capped a sharper fall in the local unit, forex traders said.

At the interbank foreign exchange, the rupee opened at 95.18 before slipping further to 95.25, down 8 paise from its previous close.

The rupee settled with a 5 paise gain at 95.17 against the U.S. dollar on Friday (August 7, 2026).

“Overall, USD/INR remained range-bound around 95.20-95.30, with the rupee ending the session (on Friday) marginally stronger. Strong forex reserves also provided confidence and limited dollar-demand pressure,” Anil Kumar Bhansali, Head of Treasury and Executive Director, Finrex Treasury Advisors LLP, said.

“Exporters may sell upticks up to 95.40 on Monday (August 11, 2026), while importers are likely to buy dips at 95. Traders will keep a close watch on developments in West Asia as well as the Reserve Bank of India (RBI),” he said.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading at 99.70, up 0.17%.

Brent crude, the global oil benchmark, was trading higher by 0.91% at $84.31 per barrel in futures trade.

On the domestic equity market front, Sensex was down marginally by 19.38 points to 78,479.79 in early trade on Monday (August 11, 2026) while the Nifty slipped 5.10 points to 24,567.45.

Foreign institutional investors purchased equities worth ₹480.24 crore on a net basis on Friday (August 7, 2026), according to exchange data.

The RBI data released on Friday (August 7, 2026) showed the country’s forex reserves jumped by $10.512 billion to $692.866 billion during the week ended July 31. The overall kitty had jumped by $6.118 billion to $682.354 billion in the previous reporting week.

The rupee settled on a flat note on Friday (August 7, 2026), higher by just 2 paise at 95.22 (provisional) against the U.S. dollar, on heightened risk aversion due to fragile negotiations between Iran and Oman over the Strait of Hormuz.

Forex traders said risk aversion in global markets due to uncertainty on the deal between Iran and Oman and an overnight jump in crude oil prices weighed on investor sentiments.

At the interbank foreign exchange, the rupee opened at 95.27 against the greenback and traded in a range of 95.19-95.28 during the session. It eventually settled at 95.20 (provisional), higher by 2 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.

“We expect the rupee to trade with a slight negative bias on uncertainty over the deal between Iran and Oman over the Strait of Hormuz. However, markets may remain volatile over any decision over the weekend.

“Any positive news may support the rupee and vice versa. Traders may also take cues from the non-farm employment report from the U.S. USD-INR spot price is expected to trade in a range of 95 to 95.60,” said Anuj Choudhary, Research Analyst, Mirae Asset ShareKhan.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading at 99.90, down 0.025%.

Brent crude, the global oil benchmark, was trading lower by 0.23% at $82.30 per barrel in futures trade.

On the domestic equity market front, Sensex dropped 455.59 points to settle at 78,499.17, while the Nifty was down 65.35 points to 24,570.65.

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

The rupee depreciated 6 paise to 96.42 against the U.S. dollar in early trade on Tuesday (July 21, 2026) as heightened geopolitical uncertainty put pressure on most Asian currencies, including the rupee.

Forex traders said the rupee came under pressure from a combination of factors — crude oil prices climbed on renewed geopolitical tensions, and demand for the US dollar increased as investors moved toward safe-haven assets.

At the interbank foreign exchange market, the rupee opened at 96.41 then touched 96.42 registering a fall of 6 paise from its previous close.

On Monday (July 20, 2026), the rupee had settled at 96.36 against the American currency.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading at 100.97 up 0.03%.

Brent crude, the global oil benchmark, was trading lower by 0.65% at $88.64 per barrel in futures trade.

As dollar index again rose to 100.97 while oil prices were well bid at $88.64 per barrel, traders weighed the U.S.-Iran conflict and the Houthi-Saudi blockade which could again risk the West Asia oil supplies, said Anil Kumar Bhansali Head of Treasury and Executive Director Finrex Treasury Advisors LLP.

On the domestic equity market front, Sensex declined 58.89 points to 77,649.63 in opening trade, while the Nifty slipped 22.45 points to 24,216.05.

Foreign Institutional Investors offloaded equities worth ₹1,121.04 crore on a net basis on Monday (July 20, 2026), according to exchange data.