The rupee depreciated 31 paise to an all-time low of 91.28 against the American currency in early trade on Wednesday (January 21, 2026), weighed down by steady dollar demand and a cautious global mood.

Forex traders said rising geopolitical uncertainty, including renewed U.S. expansionary signals, has increased risk aversion and kept emerging market currencies under pressure.

Moreover, a sluggish domestic stock market triggered by an exodus of foreign capital dented investors’ sentiment further, they said.

At the interbank foreign exchange, the rupee opened at 91.05 and lost ground to trade at 91.28 against the greenback, down 31 paise from its previous close.

On Tuesday (January 20, 2026), the rupee depreciated 7 paise to close at a record low of 90.97 against the U.S. dollar.

“Markets were already uneasy when U.S. President Donald Trump revived trade war rhetoric and renewed his push for Greenland. U.S. Treasury yields jumped to four-month highs, while the dollar slipped for a second day— a sign that investors are questioning not just risk, but direction,” CR Forex Advisors MD – Amit Pabari said.

Mr. Pabari further noted that “persistent global unease, coupled with a sustained break above 91.07, could gradually open the door toward the 91.70–92.00 zone, unless restrained by active intervention from the RBI.

“On the downside, any corrective pullback is likely to find its first line of support in the 90.30–90.50 range.” On December 16, 2025, the rupee reached its previous lowest intra-day level of 91.14 and its lowest closing level of 90.93 against the American currency.

Meanwhile, the dollar index, which measures the greenback’s strength against a basket of six currencies, was trading 0.05% lower at 98.59.

Brent crude, the global oil benchmark, was trading 1.11% lower at $64.20 per barrel in futures trade.

On the domestic equity market front, Sensex dropped 385.82 points to 81,794.65 in opening trade, while Nifty declined 91.5 points to 25,141.

Foreign institutional investors offloaded equities worth ₹2,938.33 crore on Tuesday (January 20, 2026), according to exchange data.

The rupee rose 26 paise to 89.92 against U.S. dollar in early trade on Wednesday (January 7, 2026) aided by a weaker greenback and a sharp drop in global crude oil prices.

At the interbank foreign exchange, the rupee opened at 90.20 against the U.S. dollar but kept rising to trade at 89.92, up 26 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 opened firmer even as (U.S. President) Donald Trump continues to threaten India with more tariffs. Exporters are expected to continue selling at high of the day on cash/spot basis while importers will buy the dips and more if the fall is close to 90 for the dollar,” 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 0.05% lower at 98.52.

Brent crude, the global oil benchmark, was trading 1.05% lower at $60.06 per barrel in futures trade.

On the domestic equity market front, the 30-share benchmark index Sensex declined 169.64 points to 84,909.30 in early trade, while Nifty was down 42.35 points to 26,128.90.

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

The rupee started the new year on a negative note and depreciated 11 paise to 89.99 against the U.S. dollar in early trade on Thursday (January 1, 2026) weighed down by persistent foreign fund outflows.

Forex traders said the rupee entered 2026 with both challenges and cushions, while global uncertainty persists, India’s strong macroeconomic parameters and ample forex reserves provide stability.

At the interbank foreign exchange market, the rupee opened at 89.94 against the U.S. dollar, then lost some ground and touched 89.99, registering a fall of 11 paise over its previous close.

On Wednesday (December 31, 2025), the last trading session of 2025, the rupee settled at 89.88 against the U.S. dollar.

“While the calendar has changed, volatility is likely to persist. Under Governor Sanjay Malhotra, the RBI appears comfortable allowing the rupee to adjust with market forces, while remaining actively present to smooth excessive moves and maintain orderly conditions,” CR Forex Advisors MD Amit Pabari said.

Progress on the paused India–U.S. trade deal remains a key upside risk and could deliver a meaningful confidence boost if concluded, Mr. Pabari said. “For now, USD/INR is expected to trade in the 89.30–90.20 range in the near term,” he said, adding that a sustained break below 89.30 could open the path toward 88.50.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading 0.09% higher at 98.32.

Brent crude, the global oil benchmark, was trading lower by 0.78% at $60.85 per barrel in futures trade.

On the domestic equity market front, the 30-share benchmark index Sensex was trading 194.38 points higher at 85,414.98, while the Nifty was up 47.55 points at 26,177.15.

Foreign Institutional Investors offloaded equities worth ₹3,597.38 crore on Wednesday, according to exchange data.

The rupee appreciated 25 paise to close at 87.84 (provisional) against U.S. dollar on Wednesday (September 17, 2025), tracking a positive trend in domestic equities and supported by optimism over U.S.–India trade negotiations.

Forex traders said the Indian rupee strengthened for the fourth consecutive session on Wednesday and rose to the highest level in two and a half weeks on broad weakness of the American currency amid hopes of a U.S. Fed rate cut.

They said investors are closely following the Federal Reserve’s policy decision as dollar softness globally is triggering rupee’s strength.

The market is expecting a 25-bps rate cut, and investors will watch out for the Fed chair’s speech for further guidance.

At the interbank foreign exchange market, the rupee opened at 87.84, then touched an intraday low of 87.71 and a high of 87.86 against the greenback. The domestic unit closed at 87.84 (provisional), registering a gain of 25 paise over its previous close.

On Tuesday (September 16, 2025), the rupee appreciated 7 paise to close at 88.09 against the U.S. dollar.

“We expect the rupee to strengthen further amid sustained weakness in the U.S. dollar ahead of the FOMC meeting decision. Markets expect a 25-bps rate cut,” said Anuj Choudhary, research analyst, currency and commodities, Mirae Asset ShareKhan.

“Any front loading of dovish commentary may lead to fresh decline in the U.S. dollar and may lead to further improvement in the global risk sentiments,” Mr. Choudhary added.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, rose 0.16% to 96.78.

Brent crude, the global oil benchmark, was trading 0.66% lower at $68.02 per barrel in futures trade.

On the domestic equity market front, the Sensex climbed 313.02 points to settle at 82,693.71, while the Nifty was up 91.15 points to 25,330.25.

Foreign Institutional Investors bought equities worth ₹308.32 crore on a net basis on Tuesday, according to exchange data.

Meanwhile, the U.S. on Tuesday described as “positive” the talks between its chief trade negotiator, Brendan Lynch, and his Indian counterpart Rajesh Agrawal for a proposed bilateral trade deal.

The relations between New Delhi and Washington were reeling under severe stress after U.S. President Donald Trump doubled tariffs on Indian goods to a whopping 50%, including 25% additional duties, for India’s purchase of Russian crude oil.

The rupee appreciated 8 paise to close at 88.08 (provisional) against the U.S. dollar on Tuesday (September 16, 2025), tracking U.S.-India talks on the proposed trade agreement to iron out issues in the wake of steep Trump Tariffs.

Forex traders said the rupee strengthened on positive domestic markets and a weak greenback, which is trading at a two-month low ahead of the two-day FOMC meeting commencing Tuesday and disappointing U.S. economic data.

At the interbank foreign exchange, the rupee opened at 88.05, then touched an intraday low of 88.16 and a high of 88.01 against the greenback. The domestic unit closed at 88.08 (provisional), a gain of 8 paise over its previous close.

On Monday (September 15, 2025), the rupee settled 10 paise higher at 88.16 against the U.S. dollar.

“We expect the rupee to remain strong on broad weakness in the U.S. Dollar amid disappointing economic data coming from the U.S. and weak labour market, which has raised expectations of a rate cut by the Fed,” said Anuj Choudhary, research analyst, currency and commodities, Mirae Asset ShareKhan.

Mr. Choudhary further added that markets expect a 25-bps rate cut and investors will watch out for the Fed Chair’s speech for further guidance.

“A dovish commentary may lead to further decline in the greenback while a hawkish tone may lead to a pullback,” he said.

“Traders may take cues from retail sales and industrial production data from the U.S. Investors may remain cautious ahead of the FOMC meeting decision this week. USD/INR spot price is expected to trade in a range of 87.75 to 88.30,” Mr. Choudhary said.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, fell 0.26% to 97.04.

Brent crude, the global oil benchmark, was trading 0.28% lower at $67.25 per barrel in futures trade.

On the domestic equity market front, the Sensex jumped 594.95 points to settle at 82,380.69, while the Nifty surged 169.90 points to 25,239.10.

Foreign Institutional Investors offloaded equities worth ₹1,268.59 crore on a net basis on Monday, according to exchange data.

Meanwhile, the Chief negotiators of India and the U.S. have commenced talks on the proposed trade agreement to iron out issues in the wake of steep tariffs that have created uncertainties for exporters.

Brendan Lynch, the Assistant U.S. Trade Representative for South and Central Asia, is leading the American team, while Rajesh Agrawal, Special Secretary in the Department of Commerce, is India’s chief negotiator.

The rupee slumped 36 paise and closed for the day at an all-time low of 88.47 (provisional) against the U.S. dollar, as ongoing tariff issue between India and the U.S. weighed heavily on the domestic currency’s vulnerability.

Forex traders said a recovery in the U.S. dollar ahead of the inflation data and foreign fund outflows further dented investors’ sentiments. Crude oil prices also gained over the past few sessions, putting further pressure on the rupee.

Traders noted that the rupee, which showed signs of minor recovery after U.S. President Donald Trump gave positive signals about the India-U.S. trade treaty, remains fragile due to dollar demand and global factors.

At the interbank foreign exchange, the domestic unit opened at 88.11 and fell to an all-time low of 88.47 against the U.S. dollar in intraday trade. The domestic unit settled for the day at a record low of 88.47 (provisional), registering a sharp decline of 36 paise over its previous close.

On Wednesday (September 10, 2025), the rupee recovered slightly from its record low level and ended with a gain of 4 paise at 88.11 against the US dollar.

On September 5, the rupee touched the lowest-ever intraday level of 88.38, but pared all losses before ending at ₹88.09 against the US dollar.

The unit had recorded its all-time low closing level of 88.15 against the dollar on September 2.

“The Indian rupee is trading near historic lows, facing pressure from strong import dollar demand, external tariff concerns and market anticipation of US inflation data and FED Reserve policy,” said Anil Kumar Bhansali, head of treasury and executive director, Finrex Treasury Advisors LLP.

Mr. Bhansali further added, “The dollar index was also up touching almost 98 levels, while Brent oil prices also were up keeping the dollar bids on the higher side. The premiums were also indicating higher due to increase in interest rate differential between India and US in the last three days. The rupee is expected to be in the range of 88.25 to 88.75 on Friday.” Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, rose 0.22% to 97.99.

Brent crude, the global oil benchmark, was trading 0.25% lower at $67.32 per barrel in futures trade.

“We expect the rupee to trade with a negative bias amid a recovery in the U.S. dollar index and persistent FII outflows. Dollar demand from importers and ongoing tariff issues between India and U.S. may also pressurise the rupee. However, positive domestic equities and renewed negotiations between India and U.S. may support rupee at lower levels,” said Anuj Choudhary, research analyst, currency and commodities, Mirae Asset ShareKhan.

On the domestic equity market front, Sensex climbed 123.58 points to settle at 81,548.73, while the Nifty advanced 32.40 points to 25,005.50.

Foreign Institutional Investors offloaded equities worth ₹115.69 crore on Wednesday, according to exchange data.

Meanwhile, India and the U.S. are natural partners and teams from both sides are working to conclude negotiations on a bilateral trade deal, Prime Minister Narendra Modi said on Wednesday in response to U.S. President Donald Trump’s remarks that efforts are on to address “trade barriers” between the two countries.

The exchange between the two leaders on social media is largely seen as part of efforts by both New Delhi and Washington to reset ties that witnessed increasing stress in the last few weeks after Mr. Trump doubled tariffs on Indian goods.