The rupee rebounded from its all-time low levels and ended with a gain of 7 paise at 91.58 against the U.S. dollar on January 22, 2026.
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The dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading lower by 0.16% at 106.15. File
| Photo Credit: The Hindu

The rupee recovered from its all-time low level and settled for the day with gains of just 3 paise at 84.72 (provisional) against the U.S. dollar in a range-bound trade on Thursday (December 5, 2024), amid a positive trend in domestic equities.

Forex traders said the Indian rupee recovered slightly on strength in the domestic markets and an overnight decline in crude oil prices. However, a positive U.S. dollar capped a sharp upside.

At the interbank foreign exchange, the rupee opened at 84.72, moved in a narrow range, and touched an intraday high of 84.70 and a low of 84.74 against the greenback.

On Wednesday (December 4, 2024), the rupee slumped by 7 paise to hit its lowest-ever closing level of 84.75 against the U.S. dollar.

“We expect the rupee to trade with a negative bias on the strong dollar and worries over an economic slowdown. However, weakness in crude oil prices and fresh FII outflows may support the rupee at lower levels,” said Anuj Choudhary, Research Analyst at Mirae Asset Sharekhan.

Mr. Choudhary further added that traders may take cues from weekly unemployment claims and trade balance data from the U.S. “The USD-INR spot price is expected to trade in a range of ₹84.50 to ₹84.95,” he said.

Moreover, market participants are also awaiting cues from the upcoming Reserve Bank of India (RBI) monetary policy on Friday (December 6, 2024), which will likely focus on balancing inflation and growth.

The Reserve Bank’s high-level panel on Wednesday (December 4, 2024) started deliberations on the bimonthly monetary policy amid expectations of status quo on interest rates as retail inflation is above the upper tolerance level of the central bank.

The decision taken by the RBI Governor Shaktikanāta Das-headed six-member Monetary Policy Committee (MPC) will be announced on Friday (December 6, 2024).

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading lower by 0.16% at 106.15.

Brent crude, the global oil benchmark, rose by 0.53% to $72.69 per barrel in futures trade.

On the domestic equity market front, the 30-share benchmark index Sensex closed 809.53 points, or 1% higher, at 81,765.86. The Nifty rose 240.95 points, or 0.98%, to settle at 24,708.40 points.

Foreign Institutional Investors (FIIs) were net buyers in the capital markets on Wednesday (December 4, 2024), as they purchased shares worth ₹1,797.60 crore, according to exchange data.

At the interbank foreign exchange, the rupee opened at 84.06 against the greenback and traded in a tight range. In initial trade it touched 84.05, registering a rise of 5 paisa over its previous close. File
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The rupee rebounded from its all-time low levels and appreciated 5 paise to 84.05 against the U.S. dollar in morning trade on Monday (October 14, 2024), weighed down by elevated crude oil prices and strong dollar as risk-off sentiment gripped the markets.

Forex traders said there have been significant foreign fund outflows and crude oil prices have surged by nearly 10%, fueled by Hurricane Milton’s impact on U.S. production along with the tensions in the Middle East between Israel and Iran.

However, the Reserve Bank of India’s intervention, backed by record-high reserves, has supported the local unit at lower levels.

At the interbank foreign exchange, the rupee opened at 84.06 against the greenback and traded in a tight range. In initial trade it touched 84.05, registering a rise of 5 paisa over its previous close.

On Friday (October 11, 2024), the rupee fell 12 paise to a record low of 84.10 against the U.S. dollar.

“Indian equities saw substantial outflows, with FIIs offloading nearly $6.4 billion in October, as risk-off sentiment gripped the markets. Adding to the strain, crude oil prices have surged by nearly 10%,” CR Forex Advisors MD-Amit Pabari said.

Mr. Pabari further added that the Reserve Bank of India’s intervention, backed by record-high reserves and strong resistance at the 84.10 level could trigger a pullback below 84 as FII outflows begin to ease.

“Thus, in the short term, we expect the USD-INR pair to trade in a range of 83.90 to 84.10,” he said.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading 0.13% higher at 103.02.

Brent crude, the global oil benchmark, declined 1.21% to $78.08 per barrel.

On the domestic equity market front, Sensex advanced 461.97 points, or 0.57%, to 81,843.33 points. The Nifty rose 140.40 points, or 0.56%, to 25,104.65 points.

Foreign institutional investors (FIIs) were net sellers in the capital markets on Friday (October 11, 2024) as they offloaded shares worth ₹ 4,162.66 crore, according to exchange data.

Meanwhile, “India’s forex reserves dropped by $ 3.709 billion to $ 701.176 billion for the week ended October 4,” the Reserve Bank of India said on Friday (October 11, 2024).

In the previous reporting week, the reserves had jumped by $ 12.588 billion to an all-time high of $ 704.885 billion.

According to RBI Governor Shaktikanta Das, the current policy rate of 6.5% is broadly balanced, and any justification for policy easing at this juncture can be misleading. File
| Photo Credit: The Hindu

The rupee traded in a narrow range and settled higher by 4 paise at 83.89 (provisional) against the American currency on Friday (August 23, 2024), as traders remained cautious ahead of Fed Chair Jerome Powell’s speech at the Jackson Hole Symposium.

Forex traders said the weak U.S. dollar, foreign fund inflows and a positive tone in the domestic markets supported the rupee. However, overnight gains in crude oil prices capped sharp gains.

At the interbank foreign exchange market, the local unit opened weak at 83.93 and touched an intraday high of 83.85 against the U.S. dollar. The domestic currency finally settled at 83.89 (provisional), 4 paise higher than its previous close.

On Thursday (August 22, 2024), the rupee traded in a narrow range and settled lower by 3 paise at 83.93 against the American currency.

“We expect the rupee to trade with a slight negative bias as traders remain cautious ahead of Fed Chair Jerome Powell’s speech at the Jackson Hole Symposium, which could provide some cues on the Fed’s path to cut interest rates.

“Weak US and Asian markets and a recovery in crude oil prices may pressure the rupee, while positive domestic markets may support the rupee at lower levels,” said Anuj Choudhary, research analyst at Sharekhan by BNP Paribas.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading 0.10% lower at 101.40.

Brent crude, the global oil benchmark, advanced 1.05% to $78.03 per barrel.

On the domestic equity market, Sensex advanced 33.02 points, or 0.04%, to close at 81,086.21 points. The Nifty rose 11.65 points, or 0.05%, to 24,823.15 points.

Foreign institutional investors (FIIs) were net buyers in the capital markets on Thursday (August 22, 2024) as they purchased shares worth ₹1,371.79 crore, according to exchange data.

On the domestic macroeconomic front, the minutes of the last Monetary Policy Committee (MPC) released by the Reserve Bank of India (RBI) on Thursday (August 22, 2024) noted that the calibrated increase in policy repo rate by 250 basis points since May 2022 and subsequent change of stance to the withdrawal of accommodation have facilitated gradual disinflation over 2022–23.

According to RBI Governor Shaktikanta Das, the current policy rate of 6.5% is broadly balanced, and any justification for policy easing at this juncture can be misleading.

Representational image.
| Photo Credit: The Hindu

The Rupee recovered from its all-time low levels and appreciated by seven paise to 83.06 against the U.S. dollar in early trade on August 22, as the American currency retreated from its elevated levels.

Forex traders said the Rupee is trading in a narrow range as selling pressure by foreign investors dented sentiments, while the weak tone in the U.S. dollar and positive domestic markets cushioned the downside.

At the interbank foreign exchange, the domestic unit opened at 83.07, then touched a high of 83.06 against the American currency, registering a rise of seven paise over its last close. On Monday, the Rupee depreciated by three paise and settled for the day at an all-time low of 83.13 against the U.S. dollar.

“Rupee in the last one week has witnessed quite a bit of action but in the last couple of sessions it is consolidating in a narrow range and volatility has been low,” said Gaurang Somaiya forex and bullion analyst, Motilal Oswal Financial services.

Mr. Somaiya further added that the U.S. dollar too is retracing from higher levels after witnessing its longest winning streak in the last 15 months as it closed for the straight six weeks following safe haven buying on the back of uncertainty in China and better-than-expected economic numbers from the U.S.

The dollar index, which gauges the greenback’s strength against a basket of six currencies, fell 0.12% to 103.17. Brent crude futures, the global oil benchmark, fell 0.17% to $84.32 per barrel.

In the domestic equity market, the 30-share BSE Sensex was trading 127.81 points or 0.20% higher at 65,343.90. The broader NSE Nifty advanced 41.90 points or 0.22% to 19,435.50.

Foreign Institutional Investors (FIIs) were net sellers in the capital markets on Monday as they offloaded shares worth ₹1,901.10 crore, according to exchange data.