The rupee declined 32 paise to close at 93.48 (provisional) against the U.S. dollar on Tuesday (April 21, 2026), weighed down by a steady American currency and volatile crude oil prices amid uncertainties over the progress of West Asia peace negotiations.

Positive domestic equity markets failed to boost local currency, which also had some impact of the Reserve Bank’s latest move to ease curbs on speculative bets in non-deliverable forward markets, forex analysts said.

The rupee declined 26 paise to settle at 90.16 (provisional) against the U.S. dollar on Friday (January 9, 2026), weighed down by elevated global crude oil prices and persistent foreign fund outflows amid rising geopolitical tensions.

A stronger greenback and weak sentiment in domestic equity markets are putting further pressure on the local unit, according to forex traders.

At the interbank foreign exchange, the rupee opened higher at 89.88 but lost ground through the day to settle at 90.16 (provisional) against the U.S. dollar, down 26 paise from its previous close. During the day, the local currency traded between 89.88 and 90.25.

On Thursday (January 8, 2026), the rupee settled 3 paise lower at 89.90 against the U.S. dollar.

“The rupee opened higher at 89.88, but as stock markets started to fall again and it fell to 90.25. The U.S. Supreme Court’s decision on the tariffs was scheduled for Friday, and we await the decision, which could affect Indian stocks and the rupee on Monday,” Anil Kumar Bhansali, Head of Treasury and Executive Director, Finrex Treasury Advisors LLP, said.

Meanwhile, the dollar index, which measures the greenback’s strength against a basket of six currencies, was trading 0.11% higher at 99.04.

Brent crude, the global oil benchmark, was trading 0.56% higher at $62.34 per barrel in futures trade.

“We expect the rupee to trade with a negative bias on tempered geopolitical tensions leading to risk aversion in global markets. Strength in the U.S. Dollar and a surge in global crude oil prices may also pressurise the rupee. FII outflows may also add to the downside pressure. However, any intervention by the central bank may support the rupee at lower levels,” said Anuj Choudhary, Research Analyst, Mirae Asset ShareKhan.

Mr. Choudhary further noted that “traders may take cues from the non-farm payrolls report from the U.S. The USD-INR spot price is expected to trade in a range of 89.90 to 90.60.”

On the domestic equity market front, the 30-share benchmark index Sensex plunged 604.72 points to settle at 83,576.24, while the Nifty was down 193.55 points to 25,683.30.

Foreign institutional investors offloaded equities worth ₹3,367.12 crore on Thursday (January 8, 2026), according to exchange data.

The rupee rose 31 paise to close at 89.87 (provisional) against the U.S. dollar on Wednesday (January 7, 2026) on possible intervention by the Reserve Bank of India (RBI) and a fall in global crude oil prices.

At the interbank foreign exchange, the rupee opened at 90.20 against the U.S. dollar and traded in the range of 89.75-90.23 before settling at 89.87 (provisional), up 31 paise from its previous close.

The rupee snapped its four-day losing streak to appreciate 12 paise to settle at 90.18 against the American currency on Tuesday (January 6, 2026).

“The rupee rose… as RBI sold dollars at 90.23 levels, signalling that one-sided movement of currencies are not what they want from the market. It is difficult to take a call on rupee’s direction at the moment but 89.50-90.50 can be broadly considered as the range for January,” Anil Kumar Bhansali, head of treasury and executive director, Finrex Treasury Advisors LLP, said.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading 0.07% higher at 98.65.

Brent crude, the global oil benchmark, was trading 0.99% lower at $60.10 per barrel in futures trade.

On the domestic equity market front, the 30-share benchmark index Sensex fell 102.20 points to settle at 84,961.14, while the Nifty declined 37.95 points to 26,140.75.

Foreign institutional investors offloaded equities worth ₹107.63 crore on Tuesday, according to exchange data.

The rupee snapped the four-day losing streak and appreciated 12 paise to settle at 90.18 (provisional) against the American currency on Tuesday (January 6, 2026), tracking a decline in the U.S. dollar index.

Forex traders said weak domestic equity markets and geopolitical tensions between the U.S. and Venezuela capped sharp gains for the domestic unit.

At the interbank foreign exchange, the rupee opened at 90.22 against the U.S. dollar and traded in the range of 90.08-90.25 before settling at 90.18 (provisional), up 12 paise from its previous close.

On Monday (January 5), the rupee closed 10 paise lower at 90.30 against the U.S. dollar.

“We expect the Rupee to trade with a negative bias on risk aversion in global markets emanating out of geopolitical tensions between the U.S. and Venezuela. Surge in crude oil prices and FII outflows may further pressurise the Rupee,” said Anuj Choudhary, Research Analyst, Commodities Research, Mirae Asset Sharekhan.

However, a weak Dollar amid disappointing U.S. economic data and any intervention by the RBI may support the rupee at lower levels, Choudhary added.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading 0.06% lower at 98.21 after the U.S. ISM Manufacturing PMI came in below expectations.

Brent crude, the global oil benchmark, was trading 0.47% higher at $62.05 per barrel in futures trade.

On the domestic equity market front, the 30-share benchmark index Sensex declined 376.28 points to settle at 85,063.34, while the Nifty was down 71.60 points to 26,178.70.

Foreign institutional investors offloaded equities worth ₹36.25 crore on Monday (January 5), according to exchange data.

On the domestic macroeconomic front, India’s services sector growth moderated in December, as the rates of expansion in incoming new work and output eased to the slowest in 11 months, and companies refrained from recruiting additional staff, a monthly survey said on Tuesday (January 6).

The seasonally adjusted HSBC India Services PMI Business Activity Index fell from 59.8 in November to 58.0 in December, indicating the slowest rate of expansion since January 2025.

The Indian stayed weak for the fourth straight session and closed 8 paise lower at 90.28 (provisional) against the U.S. dollar on Monday (January 5, 2026), weighed down by a firm American currency and subdued equity market sentiment.

Forex traders said that the renewed geopolitical uncertainties after the U.S. military intervention in Venezuela fuelled dollar demand worldwide even though the falling crude oil prices supported the Indian currency at lower level.

At the interbank foreign exchange market, the rupee opened at 90.21 and touched the intra-day low of 90.50 during the session before ending at 90.28 (provisional) against the greenback, 8 paise weaker compared to the previous closing level.

This was the fourth consecutive day of fall for the Indian currency, which has lost 53 paise since December 30, 2025, when it closed at 89.75 a dollar.

The rupee settled lower by 22 paise at 90.20 against the U.S. dollar on Friday (January 2), a day after losing 10 paise on Thursday (January 1). It had lost 13 paise on the last day of the previous calendar year.

Anuj Choudhary, Research Analyst, Commodities Research, Mirae Asset Sharekhan, said the rupee fell on Monday (January 5) amid geopolitical tensions between the U.S. and Venezuela.

The U.S. dollar index strengthened amid safe-haven demand, however, weakness in crude oil prices and FII inflows on Friday (January 2) provided a cushion to the rupee.

Mr. Choudhary said that the declining crude oil prices may support the rupee at lower levels. “Any intervention by the RBI may also support the rupee. Traders may take cues from ISM manufacturing PMI data from the U.S. USD-INR spot price is expected to trade in a range of 90 to 90.60,” he said.

The U.S. has carried out a military operation in Venezuela and deposed President Nicolas Maduro. President Donald Trump said the U.S. would “run” the South American country and tap its vast oil reserves to sell to other nations.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading 0.24% higher at 98.39.

Brent crude, the global oil benchmark, was trading 0.36% lower at $60.53 per barrel in futures trade.

On the domestic equity market front, the 30-share benchmark index Sensex declined 322.39 points or 0.38% to close at 85,439.62, while the Nifty fell 78.25 points or 0.30% to 26,250.30.

Foreign institutional investors turned net buyers, picking up equities worth ₹289.80 crore on Friday (January 2), according to exchange data.

The latest RBI data released on Friday (January 2) showed India’s forex reserves jumped by $3.293 billion to $696.61 billion in the week to December 26.

The overall kitty had increased by $4.368 billion to $693.318 billion in the previous reporting week.

The rupee appreciated 12 paise against the U.S. dollar on Thursday (December 18, 2025), despite the broad strength of the American currency in the overseas market on suspected intervention by the Reserve Bank of India (RBI).

Forex traders said Brent crude oil prices hovering near $59 per barrel supported the domestic unit at lower levels. However, a recovery in the dollar index and weak domestic markets capped sharp gains.

At the interbank foreign exchange, the rupee opened at 90.35 against the U.S. dollar, then recovered some lost ground to touch an intra-day high of 90.04, registering a 34 paise gain from its previous close.

At the end of trading session on Thursday (December 18, 2025), the rupee was quoted at 90.26 (provisional), registering a gain of 12 paise over its previous close.

On Wednesday (December 17, 2025), the rupee recovered 55 paise from its all-time low to close at 90.38 against the greenback.

“The rupee appreciated against the US dollar amid selling of dollars by the Reserve Bank of India. The RBI reportedly intervened in the forex markets and sold dollars to prevent further side in the rupee,” said Anuj Choudhary, Research Analyst, Mirae Asset ShareKhan.

Mr. Choudhary further noted that “we expect the rupee to trade with a negative bias on FII outflows on the back of delay in trade deal between India and US. Recovery in US dollar index and rebound in crude oil prices may also pressurise the rupee”.

Traders may take cues from U.S. CPI inflation and weekly unemployment claims data. Investors may watch out for central bank monetary policy decisions from BOE, ECB and BoJ. USD-INR spot price is expected to trade in a range of 90 to 90.60, Mr. Choudhary added.

Meanwhile, Economic Advisory Council to the Prime Minister (EAC-PM) member Sanjeev Sanyal on Thursday (December 18, 2025) said he is not concerned about the rupee at all, arguing that even China and Japan witnessed exchange rate weaknesses during their high growth phases.

Speaking at an event, Mr. Sanyal said since the 90s, the rupee has mostly been allowed to find its own level, but the RBI uses its reserves to intervene in either direction to stop excessive volatility.

“I am not concerned about the rupee at all… Let me say that the rupee and its current weakness should not be necessarily conflated with some economic worry, because historically, if you go over time, you will see that economies that are in their high growth phase very often go through a phase of exchange rate weakness,” he said.

The rupee sank to a fresh record low, breaching the 91-a-dollar mark for the first time on Tuesday (December 16, 2025).

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading 0.16% higher at 98.52.

Brent crude, the global oil benchmark, was trading higher by 0.35% at $59.89 per barrel in futures trade.

On the domestic equity market front, the Sensex declined 77.84 points to settle at 84,481.81, while the Nifty dipped 3 points to 25,815.55.

Foreign institutional investors purchased equities worth ₹1,171.71 crore on Wednesday (December 17, 2025), according to exchange data.

The rupee consolidated in a narrow range and settled for the day lower by 6 paise at 88.68 (provisional) against the U.S. dollar on Thursday (November 13, 2025), as foreign fund outflows and continuous dollar demand from local importers, including oil companies, exerted pressure on the local currency.

Forex traders said the rupee is trading in a tight range, as an overnight decline in crude oil prices and renewed optimism over U.S.-India trade talks providing a steady anchor and restricted the downfall.

At the interbank foreign exchange, the rupee opened at 88.66 against the U.S. dollar and touched an intra-day high of 88.63 and a low of 88.73 during the day.

The domestic unit finally settled for the day at 88.68 (provisional), registering a loss of 6 paise from its previous close.

On Wednesday (November 12, 2025), the rupee depreciated 12 paise to close at 88.62 against the U.S. dollar.

“We expect the rupee to trade with a slight negative bias on dollar demand from importers. However, a positive tone in the domestic markets and falling global crude oil prices may support the rupee at lower levels. The USD-INR spot price is expected to trade in a range of 88.40 to 89,” 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 0.29% lower at 99.20 after the Trump administration passed the bill to end a 43-day record government shutdown.

Brent crude, the global oil benchmark, was trading 0.21% lower at $62.58 per barrel in futures trade.

On the domestic equity market front, Sensex settled marginally up at 84,478.67, while the Nifty closed almost flat at 25,879.15.

Foreign Institutional Investors sold equities worth ₹1,750.03 crore on Wednesday (November 12, 2025), according to exchange data.

Meanwhile, the government on Wednesday (November 12, 2025) approved an Export Promotion Mission (EPM) with an outlay of Rs 25,060 crore for six financial years, beginning this fiscal year, a move that will help exporters deal with high tariffs imposed by the U.S.

The mission will be implemented through two sub-schemes — Niryat Protsahan (₹10,401 crore) and Niryat Disha (₹14,659 crore).

On the domestic macroeconomic front, retail inflation fell to a record low of 0.25% in October following a cut in GST rates on nearly 380 items of mass consumption coupled with subdued prices of vegetables, fruits and eggs.

October Consumer Price Index (CPI)-based inflation was lowest in the current series (base year 2012), which captures data since January 2014.

The inflation was 1.44% in September and 6.21% in October 2024.

The rupee bounced back sharply by 75 paise to close at 88.06 (provisional) against the U.S. dollar on Wednesday (October 15, 2025), posting its biggest intraday gain in nearly four months, due to likely intervention by the RBI and a surge in the domestic markets.

Forex traders said domestic markets surged nearly 0.70% on optimism over trade talks between India and the U.S., which reflected in the USD/INR pair.

Moreover, a weak U.S. Dollar and an overnight decline in crude oil prices also supported the rupee.

At the interbank foreign exchange, the rupee opened at 88.74 against the greenback and fell below the 88-mark during the session, touching a high of 87.93 per dollar. The domestic unit finally settled at 88.06 against the greenback, registering a rise of 75 paise over its previous close.

On Tuesday (October 14), the rupee depreciated by 13 paise to close at an all-time low of 88.81 against the U.S. dollar.

“We expect the rupee to trade with a positive bias on overall weakness in the U.S. dollar and underlying strength in the domestic markets. Broad weakness in global crude oil prices and fresh foreign inflows may also support the rupee. USD/INR spot price is expected to trade in a range of 87.70 to 88.40,” said Anuj Choudhary, Research Analyst, Currency and Commodities, Mirae Asset ShareKhan.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading 0.22% lower at 98.82.

Brent crude, the global oil benchmark, was trading 0.19% lower at $62.27 per barrel in futures trade.

On the domestic equity market front, Sensex jumped 575.45 points to settle at 82,605.43, while Nifty surged 178.05 points to 25,323.55.

Foreign Institutional Investors sold equities worth ₹1,508.53 crore on Tuesday (October 14), according to exchange data.

Meanwhile, India’s exports grew by 6.74% to $36.38 billion in September despite global headwinds. Imports jumped 16.6% to $68.53 billion.

The country’s trade deficit stood at $32.1 billion during the month, according to the commerce ministry data.

The rupee appreciated five paise to close at 88.67 (provisional) against the U.S. dollar on Monday (October 13, 2025), supported by suspected RBI intervention and fresh foreign fund inflows.

Forex traders said the domestic unit faced some resistance as renewed trade war tensions between the U.S. and China led to risk aversion in global markets.

At the interbank foreign exchange, the rupee opened at 88.75 and traded in the range of 88.57-88.79 before settling at 88.67 (provisional), registering a rise of 5 paise than its previous close.

On Friday (October 10, 2025), the rupee appreciated seven paise to close at 88.72 against the U.S. dollar.

The U.S. threatened an additional 100% tariffs on China after Beijing announced controls over exports of rare earth last week.

The USD/INR pair got support from optimism surrounding the India-U.S. trade talks and potential RBI intervention, traders said.

“The U.S. government shutdown and rising odds of a rate cut by the U.S. Federal Reserve may further strengthen the domestic currency. However, risk aversion in global markets amid renewed U.S.-Sino tariff war may cap sharp upside. Traders may take cues from India’s CPI data,” Anuj Choudhary, research analyst, currency and commodities, Mirae Asset ShareKhan, said.

Forex traders said positive sentiments stemmed from expectations after reports surfaced that a team of senior officials from India would visit the U.S. this week for trade talks, and that negotiations on the proposed bilateral trade agreement are progressing well.

Last month, Commerce and Industry Minister Piyush Goyal led an official delegation to New York for trade talks.

After that meeting, India and the U.S. decided to continue negotiations for an early conclusion of a mutually beneficial bilateral trade agreement.

Both sides held constructive meetings on various aspects of the trade deal.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading 0.13% higher at 99.10, as safe-haven demand for dollars continues keeping the dollar well bid.

Brent crude, the global oil benchmark, was trading higher by 1.90% at $63.91 per barrel in futures trading.

On the domestic equity market front, the Sensex declined 173.77 points to settle at 82,327.05, while the Nifty dropped 58 points to close at 25,227.35.

Meanwhile, Foreign Institutional Investors bought equities worth ₹459.20 crore on Friday, according to exchange data.

India’s forex reserves fell by $276 million to $699.96 billion during the week ended October 3, according to RBI data.

In the previous reporting week, India’s forex reserves had dropped by $2.334 billion to $700.236 billion.