The rupee appreciated 23 paise to 96.65 against the U.S. dollar in early trade on Friday (October 9, 2026), supported by a slight softening in the U.S. dollar and suspected intervention by the Reserve Bank of India.

Forex traders said the rupee opened on a positive note this morning, with the dollar index down to 102 levels and Brent also down to $103.39 per barrel after U.S. President Donald Trump said that the attack on Iran will happen only after the midterm elections.

However, broader geopolitical pressures on the domestic currency persist and relentless foreign fund outflows is pressurising the domestic unit further, they said.

At the interbank foreign exchange market, the rupee opened at 96.74, then gained some ground to touch 96.65, registering a rise of 23 paise over its previous close.

On Thursday (October 8), the rupee depreciated by 13 paise to close at 96.88 against the U.S. dollar.

“Sustained strength in the US Dollar Index (DXY trading near multi-month highs near 102.50), Brent crude prices firming back above $104 per barrel, and relentless foreign portfolio outflows from domestic equities kept dollar demand elevated among oil marketing companies and importers,” 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 marginally lower by 0.10% at 102.03.

Brent crude, the global oil benchmark, was trading lower by 1.09% at $103.14 per barrel in futures trade.

On the domestic equity market front, Sensex climbed 292 points to 71,876.10, while the Nifty was trading up 84.60 points to 22,310.40.

Foreign Institutional Investors (FIIs) offloaded equities worth Rs 12,943.58 crore on a net basis on Thursday, according to exchange data.

The rupee rose 16 paise to 95.66 (provisional) against the U.S. dollar on Wednesday (July 29, 2026), extending its gaining streak for the fourth straight session, amid hectic buying in domestic equity markets and lower global crude prices.

Foreign capital inflows and a weak American currency ahead of the U.S. Federal Reserve’s interest rate decisions also supported the local unit, forex traders said.

At the interbank foreign exchange, the rupee opened at 95.70 and touched the intraday low of 95.80 against the greenback. The unit hit the day’s high of 95.48 before ending the session at 95.66 (provisional) against the dollar, up 16 paise from its previous close.

The local currency settled 17 paise higher at 95.82 against the U.S. dollar on Tuesday (July 28, 2026), after gaining 74 paise in the previous two back-to-back sessions.

Anuj Choudhary, Research Analyst, Mirae Asset ShareKhan, said the rupee gained on positive domestic markets and fresh Foreign Institutional Investor (FII) inflows. A soft dollar also supported the rupee.

The U.S. dollar has eased ahead of the FOMC (Federal Open Market Committee) meeting decision, Mr. Choudhary said, adding that, “USD-INR spot price is expected to trade in a range of ₹95.20 to ₹95.90”.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading down 0.04% at 101.22.

Brent crude futures, the global oil benchmark, were trading 3.78% higher, but remained lower at $87.27 per barrel.

According to analysts, even as mediators tried to get the U.S. and Iran back to negotiations and toward a ceasefire, crude oil prices rose overnight as the brief pause in fighting was shattered after the U.S. military said that Iran launched multiple ballistic missiles at American forces on Tuesday (July 28, 2026).

All Iranian missiles were successfully intercepted, U.S. Central Command said in a statement, adding that U.S. forces “remain vigilant and at a high state of readiness”.

On the domestic equity market front, Sensex surged 888.68 points, or 1.16%, to settle at 77,654.60, while the Nifty closed up 264.85 points, or 1.10%, to 24,250.20.

FII purchased equities worth ₹755.33 crore on a net basis on Tuesday (July 28, 2026), according to exchange data.

On the macroeconomic front, the government data released on Tuesday (July 28, 20226), showed the country’s industrial output rose by 7.3% in June compared to 5.1% in the preceding month on the back of improved manufacturing sector performance and strong growth of the electricity and gas supply sector.

The rupee stayed on upward track for the third straight session and ended 11 paise higher at 95.88 (provisional) against the U.S. dollar on Tuesday (July 28 2026), supported by lower crude oil prices amid signals of easing West Asia crisis.

According to Forex traders, the sustained outflow of foreign capital amid selling pressure in domestic equity markets, as well as an elevated dollar index ahead of the U.S. Federal Reserve’s policy decision, capped gains for the local currency.

At the interbank foreign exchange, the rupee opened at 95.75 and touched the intraday high of 95.63 before ending the session at 95.88 (provisional) against the greenback, up 11 paise from its previous closing level.

On Monday (July 27, 2026), the rupee appreciated sharply by 54 paise to close at 95.99 against the U.S. dollar, after rising 20 paise in the preceding session on Friday (July 24, 2026).

Anuj Choudhary, Research Analyst, Mirae Asset ShareKhan, said the rupee strengthened on the halting of strikes between the U.S. and Iran.

“Traders may take cues from CB (Conference Board) consumer confidence data from the U.S. USD-INR spot price is expected to trade in a range of 95.35 to 96.05,” Mr. Choudhary said.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading 0.08% higher at 101.46.

Brent crude, the global oil benchmark, was trading 2.63% lower at $86.04 per barrel in futures trade.

Analysts said oil prices crashed as the U.S. and Iran refrained from attacking each other’s targets for the third consecutive day and mediators achieved progress in getting both sides back to negotiations.

U.S. President Donald Trump said Iran had asked for more discussions, reaching out directly “because we’ve been hitting them very hard.” Iran has, however, said there are no direct talks underway.

On the domestic equity market front, Sensex declined 69.86 points, or 0.09%, to settle at 76,765.92, while the Nifty fell 10.60 points, or 0.04%, to 23,985.35.

Foreign Institutional Investors offloaded equities worth ₹1,688.23 crore on a net basis on Monday (July 27, 2026), according to exchange data.

The Rupee depreciated 20 paise to close at 95.38 (provisional) against the U.S. dollar on Monday (July 6, 2026) as a strengthening greenback weighed on emerging market currencies.

At the interbank foreign exchange market, the Rupee opened at 95.25 against the American currency and traded in a range of 95.22-95.48 during the session.

The Rupee finally closed at 95.38 (provisional), down 20 paise from its previous close.

On Friday (July 3, 2026) , the rupee appreciated 17 paise to close at 95.18 against the U.S. dollar.

“Indian rupee declined as the U.S. dollar firmed up, as markets continue to price in one rate hike this year. However, positive domestic markets and weakness in crude oil prices supported the rupee,” said Anuj Choudhary, Research Analyst, Mirae Asset ShareKhan.

Mr. Choudhary further added that “hedging demand from importers may cap sharp upside. Traders may take cues from ISM services PMI data from the U.S. USD-INR spot price is expected to trade in a range of 95.10 to 95.60”.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading at 101.12, up 0.26%.

Brent crude, the global oil benchmark, was trading lower by 0.76% at $71.57 per barrel in futures trade.

On the domestic equity market front, the Sensex jumped 521.16 points to settle at 78,285.07, while the Nifty rose 159.50 points to 24,430.35.

Foreign institutional investors turned net buyers, purchasing equities worth ₹1,355.33 crore on a net basis on Friday (July 3, 2026), according to exchange data.

Forex traders said whenever fresh foreign inflows enter the country, the central bank is likely to use the opportunity to rebuild its reserve position rather than allowing the rupee to strengthen too much.

India’s forex reserves dropped $5.654 billion to $666.933 billion during the week ended June 26, the RBI said on Friday (July 3,2026).

In the previous reporting week, the kitty jumped $963 million to $672.587 billion.

The kitty had expanded to an all-time high of $728.494 billion during the week ended February 27 this year before the onset of the West Asia conflict, which led to several weeks of a drop as the rupee came under pressure and the RBI had to intervene in the forex market through dollar sales.