Image used for representational purposes.
| Photo Credit: Getty Images

Representative image.
| Photo Credit: Getty Images/iStockphotos

Representative image.
| Photo Credit: Getty Images/iStockphoto

The rupee appreciated 5 paise to close at 87.88 against the U.S. dollar on October 23, 2025, and once again rose 9 paise to 87.79 against the dollar in early trade on Friday (October 24, 2025). File
| Photo Credit: Reuters

The Indian Rupee logo. Representational image.
| Photo Credit: REUTERS

The rupee dropped 1 paisa to 84.92 against the US dollar in early trade on Wednesday (December 18, 2024) and hovered around its all-time low level, as traders await more cues from the US FED on the interest rate front.

Forex traders said dollar demand from importers and foreign banks and a muted trend in domestic equities further dented investor sentiments.

At the interbank foreign exchange, the rupee opened at 84.92 against the greenback, registering a fall of 1 paisa over its previous close.

On Tuesday, the rupee revisited its all-time low closing level of 84.91 against the US dollar.

The rupee remains under pressure from both global and local factors. On the global front, the ripple effects of the Federal Reserve’s anticipated slowdown in rate cuts for 2025 have been felt in India, as evidenced by a correction of over 1 per cent in Indian equities, CR Forex Advisors’ MD-Amit Pabari said.

Equity benchmark indices Sensex and Nifty slumped over 1 per cent on Tuesday, weighed down by an across-the-board selloff amid cautious investors’ approach ahead of the US Fed interest rate decision.

Domestically, the rising trade deficit added strain on the rupee. This increase in trade deficit was driven largely by record-high gold imports in November, Pabari noted.

India’s exports in November contracted 4.85 per cent year-on-year to USD 32.11 billion, while the trade deficit widened to an all-time high of USD 37.84 billion due to a record surge in gold imports.

The country’s gold imports in November reached a record high of USD 14.86 billion, registering a four-fold increase, mainly on account of festival and wedding demands, according to commerce ministry data.

Gold imports stood at USD 3.44 billion in November 2023.

“The USD/INR pair is expected to trade within a range of 84.50 to 85.00 in the near-term,” Pabari added.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading lower by 0.03 per cent at 106.92.

Brent crude, the global oil benchmark, rose 0.03 per cent to USD 73.21 per barrel in futures trade.

In the domestic equity market, the 30-share BSE Sensex was trading 84.38 points or 0.10 per cent down at 80,600.07 points in morning trade, while Nifty was down 23.40 points or 0.10 per cent to 24,312.60 points.

Foreign Institutional Investors (FIIs) offloaded Rs 6,409.86 crore in the capital markets on net basis on Tuesday, according to exchange data.

Image used for representative purpose only.
| Photo Credit: RAGU R

The rupee recovered from its all-time low level and witnessed a range-bound trade against the U.S. dollar in early hours on Thursday, as investors remained cautious ahead of the U.S. Fed meeting outcome later this week.

Forex traders said RBI interventions will keep the USD/INR pair between 83.80 and 84.35. Moreover, the U.S. Federal Reserve monetary policy and officials’ comments will be in focus to derive further momentum.

At the interbank foreign exchange, the rupee opened at 84.26 against the greenback, registering a rise of 5 paise over its previous close.

On Wednesday, the rupee depreciated 22 paise to close at an all-time low of 84.31 against the U.S. dollar.

“The Indian rupee fell to its lowest (level) on Wednesday and is expected to continue with its fall as the Reserve Bank of India (RBI) allows a weaker rupee with FPIs (foreign portfolio investors) continuing their selling mode in equities,” Anil Kumar Bhansali, Head of Treasury and Executive Director at Finrex Treasury Advisors LLP, said.

RBI protected the rupee for some time but left the protection as pressure on buying dollars was immense after a rise in the dollar index and an increase in U.S. yields, Mr. Bhansali added.

Forex traders said the rupee was trading in a narrow range as persistent foreign fund outflows, a muted trend in domestic equities and the strength of the American currency in the overseas market, dented investor sentiments.

The dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading 0.10% lower at 104.98.

Brent crude, the global oil benchmark, rose 0.79% to USD 75.51 per barrel in futures trade.

On the domestic equity market front, Sensex declined 429.83 points, or 0.53%, to 79,948.30 points. The Nifty fell 143.25 points, or 0.59%, to 24,340.80 points.

Foreign Institutional Investors (FIIs) were net sellers in the capital markets on Wednesday, as they offloaded shares worth ₹4,445.59 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
| Photo Credit: Reuters

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.

The rupee remains flat at 83.96 against the dollar amid retreating crude oil prices and weak American currency. File
| Photo Credit: The Hindu

The rupee paused its slide and traded flat at 83.96 against the U.S. dollar in early deals on Friday (October 4, 2024) amid retreating crude oil prices and a weak American currency against major Asian rivals.

“Subdued sentiment in the domestic equity markets amid massive outflows of foreign funds in the past three days played a spoilsport and prevented a recovery in the rupee,” Forex traders said.

At the interbank foreign exchange, the local unit opened at 83.96 against the greenback and failed to recover from the deep plunge witnessed in the previous session.

On Thursday (October 3, 2024), the rupee slid 14 paise to settle at 83.96 against the American currency.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, fell 0.05% to 101.69.

Brent crude, the international benchmark, skidded 0.03% to $77.60 in futures trade.

On the domestic equity market front, the Sensex showed a marginal recovery and inched up 7.26 points or 0.01% to 82,504.36, while the Nifty was 78.60 points or 0.31% down to 25,171.50. Both the indices crashed more than 2% on Thursday (October 3, 2024).

Foreign Institutional Investors (FIIs) were net sellers in the capital markets on Thursday (October 3, 2024), offloading shares worth ₹15,243.27 crore on a net basis in the cash segment, according to exchange data. FIIs have sold shares worth over ₹30,000 crore since Monday (September 30, 2024).

Analysts said foreign investors rushed to sell Indian equities as Chinese stocks turned bullish after the country announced a slew of stimulus measures to revive the economy.

Representational image.
| Photo Credit: RUPAK DE CHOWDHURI

Rupee rises 2 paise to 83.64 against the US dollar in early trade on Friday (September 27, 2024) amid softening crude oil prices and inflow of foreign funds.

The Indian currency was, however, weighed down by a subdued domestic equity market and a stronger greenback against major rivals overseas amid increased month-end dollar demand from importers, forex traders said.

At the interbank foreign exchange, the local unit opened at 83.64 and touched the low of 83.69 before trading again at 83.64 against the American currency, registering a gain of 2 paise from its previous close.

On Thursday, the rupee declined 8 paise to settle at 83.66 against the American currency.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was up 0.15 per cent to 100.39.

Analysts said the market participants were awaiting further cues from the personal consumption expenditure data to be released in the US on Friday.

Brent crude, the international benchmark, fell 0.36 per cent to 71.34 in futures trade.

On the domestic equity markets front, the Sensex fell 9.15 points or 0.01 per cent o 85,826.97, while the Nifty inched up 5.80 points or 0.02 per cent to 26,221.85. Both the indices closed at their highest levels on Thursday.

Foreign Institutional Investors (FIIs) were net buyers in the capital markets on Thursday, purchasing shares worth Rs 629.96 crore, according to exchange data.

At the interbank foreign exchange market, the Indian currency traded 9 paise higher than its previous closing level.
| Photo Credit: REUTERS

The rupee sustained its gaining streak for the third straight session and rose 9 paise to 83.56 against the US dollar in early trade on Friday (September 20, 2024) buoyed by a firm domestic equity market and weakening American currency.

Lower crude oil prices also supported the Indian currency though the unit was weighed down by some outflow of foreign funds, forex traders said.

At the interbank foreign exchange market, the Indian currency opened at 83.63 and strengthened further to 83.56 against the greenback, trading 9 paise higher than its previous closing level.

The local unit gained 11 paise to settle at 83.65 against the US dollar on Thursday (September 19) after settling 10 paise higher on Tuesday.

The Forex market was closed on Wednesday due to a holiday declared by the Maharashtra government.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was down 0.07 per cent to 100.24.

Analysts said the dollar index retreated after the US Federal Reserve reduced the benchmark interest rate by 0.50 per cent, prompting investors to look towards emerging market currencies.

Brent crude, the international benchmark, declined 0.19 per cent to USD 74.74 per barrel in futures trade.

In the domestic equity market, the 30-share BSE Sensex climbed 238.10 points, or 0.29 per cent, to 83,422.90, while the Nifty advanced 84.45 points, or 0.33 per cent, to 25,500.25. Both the indices scaled new peaks on Thursday.

Foreign Institutional Investors (FIIs) were net sellers in the capital markets on Thursday, as they offloaded shares worth Rs 2,547.53 crore, according to exchange data.