The rupee pared back its initial gains and settled 3 paise lower at 94.92 (provisional) against the U.S. dollar on Monday (October 19, 2026), weighed down by a sharp fall in domestic equity markets and a recovery in crude oil prices.

Also read | Rupee rises 9 paise to 94.80 against U.S. dollar in early trade

The rupee snapped its six-session winning streak and settled in negative territory amid continued pressure from foreign institutional investor (FII) outflows and elevated crude oil prices.

At the interbank foreign exchange market, the rupee opened at 94.90 against the American currency. In intraday trade, it touched a high of 94.75 and a low of 94.97 against the American unit.

The rupee settled at 94.92 (provisional) against the greenback, registering a loss of 3 paise from its previous close.

On Friday (October 16, 2026), the rupee continued its upward momentum for the sixth straight session, settling 10 paise higher at 94.89 against the U.S. dollar, supported by the Reserve Bank of India’s measures to curb demand for dollars in the spot market.

During the week ended October 16, the Indian rupee appreciated approximately 2%, supported by RBI’s measures to manage dollar demand.

“RBI measures may help stabilise short-term currency movements, but a sustainable recovery will depend on lower oil prices, improved foreign capital flows and easing external pressures,” said Gaurav Garg, Head – Research, Lemonn.

Garg further noted that though the rupee’s recovery is encouraging, its sustainability depends on whether global and domestic fundamentals improve alongside RBI support.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading higher by 0.09% at 101.93.

Brent crude, the global oil benchmark, was trading lower by 1.17% at $108.58 per barrel in futures trade.

“We expect the rupee to trade with a positive bias on overall weakness in the dollar and softening of US treasury yields. However, elevated crude oil prices and FII outflows may cap sharp upside,” said Anuj Choudhary, Research Analyst, Mirae Asset Sharekhan.

On the domestic equity market front, the Sensex tumbled 876.37 points to settle at 73,852.90, while the Nifty dropped 257.20 points to 22,888.95.

Foreign Institutional Investors (FIIs) turned buyers and purchased equities worth ₹1,165.92 crore on a net basis on Friday (October 16), according to exchange data.

Meanwhile, according to RBI data released on Friday (October 16), India’s foreign exchange reserves dropped by $8.578 billion to $726.027 billion during the week ended October 9.

In the previous reporting week, the reserves had dropped by $12.952 billion to $734.606 billion.

Rupee traded in a narrow range and fell 3 paise to 95.97 against the U.S. dollar in early trade on Thursday (October 1, 2026), constrained by ongoing dollar demand from state-run oil companies.

However, RBI-backed dollar sales across spot and forward markets continue to cap losses, keeping the exchange rate below the 96.00 threshold.

Additionally, sustained foreign portfolio outflows and firm U.S. yields are keeping pressure on the USD/INR pair.

At the interbank foreign exchange market, the rupee opened at 95.95, then fell to 95.97 against the U.S. dollar, registering a fall of 3 paise from its previous close.

On Wednesday (September 29, 2026), the rupee pared gains to settle flat at 95.94 against the U.S. dollar.

“Aggressive foreign exchange intervention by the Reserve Bank of India (RBI)-acting through state-run banks to supply dollars in both the spot and forward markets-served as the primary market defender, preventing spot rates from breaking past the key 96.00 boundary,” 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 101.54, higher by 0.09%.

“The dollar index is at a two-month high near 101.5, up almost 2 per cent in September and within sight of its 52-week high near 101.8,” Anindya Banerjee, Head of Commodity and Currency Research, Kotak Securities said, adding that a firm dollar is a headwind for gold, silver and emerging market currencies, including the rupee.

Brent crude, the global oil benchmark, was trading lower by 1.18 per cent at $96.87 per barrel in futures trade.

On the domestic equity market front, Sensex declined 215 points to 72,257.30 in early trade, while the Nifty was down 107.25 points to 22,518.90.

Foreign Institutional Investors (FIIs) offloaded equities worth $10,148.41 crore on a net basis on Wednesday (September 29, 2026), according to exchange data.

The rupee depreciated 20 paise to 95.95 against the U.S. dollar in early trade on Monday (September 28, 2026), as the greenback strengthened further and foreign fund outflows continued unabated amid the ongoing West Asia conflict.

Forex traders said elevated global crude oil prices put further pressure on the local unit.

At the interbank foreign exchange market, the rupee opened at 95.89 against the American currency and lost further ground to touch 95.95, registering a loss of 20 paise from its previous closing level.

On Friday (September 25, 2026), the rupee appreciated 24 paise to close at 95.75 against the U.S. dollar.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, traded at 101.11, up 0.15%.

Brent crude futures, the global oil benchmark, were trading higher by 2.31% at $106.81 per barrel in futures trade.

“Despite the Brent oil for November series being higher due to U.S. President Donald Trump rejecting the peace proposal from Iran, the rupee is set to open at around 95.80 and is expected to remain in the range of 95.50 to 96.00 with the RBI continuing to hold the 96.00 of the range,” Anil Kumar Bhansali, Head of Treasury and Executive Director, Finrex Treasury Advisors LLP, said.

Mr. Bhansali said Brent remained firmly elevated above the $100 mark, continuing to pose an underlying threat to India’s import bill and foreign exchange reserves.

On the domestic equity market front, Sensex tanked 730 points to 73,170.12 in early trade, while the Nifty dropped 231.50 points to 22,908.95.

Foreign Institutional Investors (FIIs) offloaded equities worth ₹3,693.93 crore on a net basis on Friday (September 25, 2026) according to exchange data.

Meanwhile, India’s forex reserves dropped $14.881 billion to $765.901 billion during the week ended September 18 due to a fall in foreign currency assets, according to the RBI data released on Friday (September 25, 2026).

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.