The rupee depreciated 16 paise to close at 88.66 (provisional) against the U.S. dollar on Wednesday (November 12, 2025), weighed down by the strength of the American currency in the overseas market and elevated crude oil prices.

Forex traders said the rupee traded within a range as renewed optimism over the India-U.S. trade deal and rising hopes that the government shutdown could end soon supported the domestic unit at lower levels.

At the interbank foreign exchange, the rupee opened at 88.61 against the U.S. dollar and touched an intra-day high of 88.56 and a low of 88.66 during the day.

The domestic unit finally settled for the day at 88.66 (provisional), registering a loss of 16 paise from its previous close.

On Tuesday (November 11, 2025), the rupee had settled at 88.50 against the U.S. dollar.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading 0.15% higher at 99.58, on optimism that the U.S. government shutdown will end soon.

The Senate has approved a bill to end the shutdown, and the House of Representatives could vote on it as early as Wednesday.

Brent crude, the global oil benchmark, was trading 0.36% higher at $64.28 per barrel in futures trade.

Moreover, the optimism over a nearing U.S. trade deal supported the local unit, they said.

The U.S. is “pretty close” to reaching a “fair trade deal” with India, President Donald Trump has said, adding that he will lower the tariffs imposed on Indian goods at “some point”.

This is the second time in less than two weeks that the U.S. President held out hope to seal the proposed bilateral trade deal with India.

On the domestic equity market front, the Sensex jumped 595.19 points to settle at 84,466.51, while the Nifty climbed 180.85 points to 25,875.80.

Foreign Institutional Investors sold equities worth ₹803 crore on Tuesday (November 12, 2025), according to exchange data.

The rupee recovered 9 paise from its all-time low level to settle at 88.06 (provisional) against the U.S. dollar on Wednesday (September 3, 2025), on positive domestic equities, softening of crude oil prices and weak U.S. dollar index.

Forex traders said the rupee is trading near all-time low levels amid persistent foreign fund outflows on the back of ongoing trade tariff concerns between India and the U.S.

At the interbank foreign exchange market, the rupee opened at 88.15 against the U.S. dollar and then fell to an intraday low of 88.19 and a high of 87.98 against the American currency.

The domestic unit finally settled for the day at 88.06 (provisional), higher by 9 paise over its previous closing.

On Tuesday (September 2, 2025), the rupee declined 5 paise to close at an all-time low of 88.15 against the U.S. dollar.

“The Indian rupee strengthened against the U.S. dollar today on positive domestic equities and the softening of crude oil prices at higher levels. Weak U.S. dollar index too favoured the rupee,” Anuj Choudhary, Research Analyst for Currency and commodities at Mirae Asset ShareKhan, said.

Mr. Choudhary further noted that the rupee is expected to trade with a slight negative bias amid persistent FII outflows on the back of ongoing trade tariff concerns between India and the U.S.

“However, overall weakness in the U.S. dollar and a positive tone in the domestic markets may support the rupee at lower levels. Traders may take cues from JOLTS job openings and factory orders data from the U.S. Investors may remain cautious ahead of the non-farm payrolls report from the U.S. this week,” he said.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, fell 0.20% to 98.19.

Brent crude, the global oil benchmark, was trading 1.66% lower to $67.99 per barrel in futures trade.

On the domestic equity market front, Sensex jumped 409.83 points to settle at 80,567.71, while Nifty surged 135.45 points to 24,715.05.

Foreign institutional investors offloaded equities worth ₹1,159.48 crore on Tuesday (September 2, 2025), according to exchange data.

On the domestic macroeconomic front, the Indian services sector growth touched a 15-year high in August, driven by a sharp rise in new orders and output amid substantial improvement in demand conditions, a monthly survey said on Wednesday (September 3, 2025).

The seasonally adjusted HSBC India Services PMI Business Activity Index was up from 60.5 in July to 62.9 in August, indicating the steepest rate of expansion since June 2010.

Meanwhile, President Donald Trump has said the U.S. gets along with India “very well” but the relationship was “one-sided” for many years since New Delhi was charging Washington “tremendous tariffs”.

Mr. Trump’s comments come amid a strain in ties between New Delhi and Washington after the U.S. imposed 50% tariffs on India, among the highest in the world.

He said for many years, the relationship between India and the U.S. was “one-sided” and that changed when he assumed office.

The rupee rose by 6 paise to close at 87.63 (provisional) against the U.S. dollar on Thursday (August 28, 2025), aided by a weaker greenback and a decline in crude oil prices.

However, concerns over additional U.S. tariffs on Indian products, which kicked in on Wednesday (August 27, 2025), and a decline in domestic equity markets capped gains in the local unit, according to forex traders.

The U.S. Government has imposed a total of 50% tariffs on Indian exports to America, barring a few sectors.

At the interbank foreign exchange, the rupee opened at 87.56 against the greenback and traded in the range of 87.53-87.68 during the day. The local unit settled at 87.63 (provisional), registering a gain of 6 paise from its previous close.

The rupee depreciated 13 paise to close at 87.69 against the U.S. dollar on Tuesday (August 26, 2025). Equity and forex markets remained closed on Wednesday (August 27, 2025) on account of Ganesh Chaturthi.

Brent crude, the global oil benchmark, was trading 0.72% lower at $67.56 per barrel in futures trade.

“Brent oil prices fell in Asian trading on Thursday (August 27, 2025) after U.S. data showed a lower-than-expected drop in crude inventories, while investors weighed the impact of additional U.S. tariffs against India,” Anil Kumar Bhansali, Head of Treasury and Executive Director, Finrex Treasury Advisors LLP, said.

The dollar index, which gauges the greenback’s strength against a basket of six currencies, fell 0.16% to 98.07.

“The dollar index fell as U.S. President Donald Trump’s unprecedented move to fire FED Governor Lisa Cook renewed concerns over the Central Bank’s independence,” Mr. Bhansali added.

On the domestic equity market front, the Sensex tumbled 705.97 points to settle at 80,080.57, while the Nifty was down 211.15 points to 24,500.90.

Foreign Institutional Investors offloaded equities worth ₹6,516.49 crore on Tuesday (August 26, 2025), according to exchange data.

The rupee pared initial gains to settle 6 paise lower at 87.58 (provisional) against the U.S. dollar on Monday (August 25, 2025), tracking a strong American currency and a recovery in crude oil prices.

Forex traders said investors were cautious ahead of the implementation of the August 27 tariff deadline and the upcoming U.S. economic data ahead of the Federal Reserve’s September 17 meeting.

At the interbank foreign exchange market, the rupee opened on a positive note at 87.38, then touched an early high of 87.34 and an intraday low of 87.61 against the U.S. dollar.

The domestic unit settled for the day at 87.58 (provisional), registering a decline of 6 paise over its previous close.

On Friday (August 22, 2025), the rupee fell 27 paise to close at 87.52 against the greenback.

“The rupee continues to be plagued by the U.S. tariffs on India, thus impacting the sentiment despite other currencies rising against the dollar,” said Anil Kumar Bhansali, Head of Treasury and Executive Director Finrex Treasury Advisors LLP.

Further, oil importers remain dollar buyers, putting pressure on the rupee.

“The rupee was also well bid after Fitch continued with the rating of BBB- for India and did not raise it, citing credit weakness, high fiscal deficit, debt service and high U.S. tariffs as the reasons. The Indian 10-year yields have also been rising constantly,” Mr. Bhansali said.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, gained 0.24% to 97.95.

Recent dovish commentary from U.S. Federal Reserve Chairman Jerome Powell, which has fuelled expectations of a potential rate cut as early as next month, supported the greenback.

Brent crude, the global oil benchmark, was trading 0.41% higher at $68.01 per barrel in futures trade.

Meanwhile, Republican leader Nikki Haley has said that India should take President Donald Trump’s concerns over its procurement of Russian crude oil seriously and work with the White House to find a solution to the issue.

The Trump administration has been severely critical of India for its procurement of discounted crude oil from Russia. Interestingly, Washington has not been criticising China, the largest importer of Russian crude oil.

Defending its purchase of Russian crude oil, India has been maintaining that its energy procurement is driven by national interest and market dynamics.

On the domestic equity market front, Sensex climbed 329.06 points to settle at 81,635.91, while the Nifty surged 97.65 points to close at 24,967.75.

Foreign Institutional Investors offloaded equities worth ₹1,622.52 crore on Friday (August 22, 2025), according to exchange data.

Meanwhile, India’s forex reserves rose by $1.488 billion to $695.106 billion during the week ended August 15, according to RBI data released on Friday (August 22, 2025).

In the previous reporting week, the overall reserves had increased by $4.747 billion to $693.618 billion.