The rupee gained 24 paise to 95.72 against U.S. dollar in early trade on Monday (September 21, 2026), supported by a slight moderation in crude oil prices and a positive trend in domestic equities.

Forex traders said initial gains in domestic equities and improved foreign fund sentiment boosted investor sentiment, but sustained importer demand for greenbacks from oil companies and broader strength in the U.S. dollar Index weighed on the local unit.

At the interbank foreign exchange market, the rupee opened at 95.86 against the U.S. dollar, then gained some ground to touch 95.72 against the American currency, registering a gain of 24 paise from its previous close.

On Friday (September 18), the rupee closed lower by 7 paise at 95.96 against the U.S. dollar.

“The rupee closed at 95.89 on Friday (September 18) after being defended near 96 last week. We expect a broad range of 95.60–96.50, with the 96.40–96.50 zone acting as stiff resistance,” said Anindya Banerjee, Head of Commodity and Currency Research, Kotak Securities.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading at 100.31, higher by 0.09%. Brent crude, the global oil benchmark, was trading lower by 2.10% at $101.69 per barrel in futures trade.

“Brent had a highly volatile last week: it closed at $105.68 on Monday (September 14), jumped to $108.75 on Tuesday (September 15) after touching a weekly high of $109.45, before reversing sharply as concerns over Saudi supply disruptions began to ease,” said Anil Kumar Bhansali, Head of Treasury and Executive Director Finrex Treasury Advisors LLP.

On the domestic equities market front, Sensex jumped 448.32 points to 74,743.28 in early trade; Nifty up 50.3 points to 23,396.70.

Foreign Institutional Investors (FIIs) bought equities worth ₹599.54 crore on a net basis on Friday (September 18), according to exchange data.

Meanwhile, India’s forex reserves dropped by $4.924 billion to $780.782 billion during the week ended September 11 due to a fall in foreign currency and gold reserves, according to the RBI data released on Friday (September 18).

The rupee traded in a narrow range and appreciated 4 paise to 94.39 against the U.S. dollar in early trade on Monday (September 7, 2026) , as the support from strong FCNR-related dollar inflows was negated by elevated crude oil prices amid persistent global headwinds.

Forex traders said the rupee continues to draw strength from the robust liquidity wave, but renewed military strikes have driven Brent crude toward $97 per barrel, reigniting fears over West Asian energy supply disruptions.

At the interbank foreign exchange market, the rupee opened at 94.40 against the U.S. dollar, then touched 94.39, registering a gain of 4 paise from its previous close.

On Friday (September 4, 2026), the rupee settled higher by 8 paise at 94.43 against the U.S. dollar.

“The rupee entered the week on a stronger footing, supported by heavy FCNR-related dollar inflows. However, the global backdrop remains a challenge. 94.00–94.20 remains the key support zone. If global headwinds intensify, USDINR could move back towards 95.00, 95.50 and eventually 96.00,” CR Forex Advisors MD Amit Pabari said.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading at 99.18, higher by 0.01% on safe-haven demand amid renewed U.S.-Iran tensions.

Brent crude, the global oil benchmark, was trading higher by 0.80% at $97.05 per barrel in futures trade, amid escalating US-Iran tensions and fears of disruption to oil flows through the Strait of Hormuz.

Fresh strikes between both sides have pushed Brent crude closer to $97 per barrel, reviving concerns over energy supplies from West Asia, Mr. Pabari said, adding that for India, higher oil prices rarely arrive alone. They usually bring along a larger import bill, stronger dollar demand and renewed pressure on the rupee.

On the domestic equities market front, Sensex dropped 172.77 points to 76,342.66 in early trade, while the Nifty declined 63.30 points to 23,832.60.

Foreign institutional investors (FIIs) offloaded equities worth Rs 3,111.94 crore on a net basis on Friday, according to exchange data.

India’s forex reserves jumped $11.475 billion to a new all-time high of $740.803 billion during the week ended August 28, the RBI said on Friday.

The rupee gained 9 paise to 95.65 against the U.S. dollar in early trade on Friday (August 21, 2026), supported by the weakening of the American currency in the overseas markets.

Forex traders said for India, a softer dollar is being offset by another challenge elevated crude oil prices.

Meanwhile, RBI Governor Sanjay Malhotra has indicated that the central bank expects at least $80 billion in foreign currency inflows.

According to forex traders, while the RBI Governor’s statement offered some reassurance, elevated oil prices, persistent geopolitical uncertainty, and a structurally reduced foreign presence continue to neutralise fresh dollar inflows.

At the interbank foreign exchange, the rupee opened at 95.69, then rose to 95.65, higher by 9 paise from its previous close.

On Thursday (August 20, 2026), the rupee pared initial gains and settled for the day down 1 paisa at 95.74 against the U.S. dollar.

“Governor Sanjay Malhotra indicated that the central bank expects at least $80 billion of foreign currency inflows from the measures announced earlier this year to attract dollars into India. So far, around $56.85 billion has already been mobilised, including $52.3 billion through FCNR(B) deposits,” CR Forex Advisors MD, Amit Pabari said.

However, unlike the famous FCNR(B) scheme of 2013, which sparked an immediate double-digit appreciation in the rupee, this year’s inflows have not translated into meaningful currency strength. Since the RBI announced these measures in June, the rupee has barely responded, Mr. Pabari added.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading lower by 0.15% at 98.74, its lowest level since May.

Brent crude, the global oil benchmark, was trading lower by 0.23% at $93.56 per barrel in futures trading, as the geopolitical situation in the Middle East remains tense, with fresh warnings from U.S. President Donald Trump to countries supporting Iran.

“The conflict has already disrupted more than 20% of the region’s refining capacity, while the Strait of Hormuz remains shut, restricting fuel exports from one of the world’s most important energy routes,” Mr. Pabari added.

On the domestic market front, Sensex was trading lower by 25.97 points to 77,506.51 in early trade, while the Nifty skid 5.75 points to 24,223.10.

Foreign institutional investors offloaded equities worth ₹583.36 crore on a net basis on Thursday (August 20, 2026), according to exchange data.

The story so far: The Reserve Bank of India (RBI) Governor Sanjay Malhotra, in a recent interview with Business Line, reiterated that the Indian rupee is “undervalued”. This has drawn attention because central bankers rarely comment on whether a currency is priced fairly. Answering a question from one of the four journalists who on Sunday (July 26, 2026) interviewed him, Mr Malhotra reportedly said, “I would like to reiterate that it would be reasonable to think that the rupee is not overvalued. If anything, one could argue that the rupee has become undervalued both in nominal and in REER (real effective exchange rate) terms.”

Also read | Examining the RBI’s remittances survey 

The rupee appreciated 16 paise to settle at 94.39 (provisional) against the U.S. dollar on Thursday (June 25, 2026) as global crude oil prices continued to slide.

Positive sentiments in the domestic equity markets and a marginally weaker greenback further supported the local unit while FII outflows prevented sharper gains, forex traders said.

At the interbank foreign exchange, the rupee opened at 94.30 against the dollar and traded in the range of 94.13-94.56. It settled at 94.39 (provisional), up 16 paise from the previous close.

The rupee appreciated 21 paise to settle at 94.55 against the U.S. dollar on Wednesday (June 24, 2026).

“The rupee strengthened on falling commodity prices and softening of the U.S. dollar. Weakness in crude oil prices and positive domestic markets also favoured the rupee,” Anuj Choudhary, Research Analyst, Mirae Asset ShareKhan, said.

“We expect the rupee to trade with a negative bias on overall strength in the U.S. dollar and

a hawkish Federal Reserve. However, softening of commodity prices and easing concerns over inflation may support the rupee at lower levels,” Mr. Choudhary said, adding that the rupee is expected to trade in the range of 94.20-94.80.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading at 101.57, lower by 0.04%.

Brent crude, the global oil benchmark, was trading lower by 1.33% at $72.76 per barrel in futures trade.

On the domestic equity market front, Sensex rose 109.25 points to settle at 77,100.47, while the Nifty inched up 34.35 points to 24,056.

Foreign institutional investors offloaded equities worth ₹1,843.40 crore on a net basis on Wednesday (June 24, 2026), according to exchange data.

The rupee touched its lowest-ever intraday level of 95.80 against the U.S. dollar, weakening for the fourth consecutive session on Wednesday (May 13, 2026) due to elevated crude oil prices and fear of a prolonged global trade disruption amid the West Asia crisis.

According to forex analysts, in the backdrop of surging crude oil prices, the government’s move to raise import duties on gold and silver may not be enough to ease the overall demand for the safe-haven greenback.

Effective May 13, the government raised import tariffs on gold and silver to 15% from 6% to curb overseas purchases of the metals and ease pressure on the country’s forex reserves.

At the interbank foreign exchange market, the rupee logged a fall of 21 paise during the session, and it hit the day’s high of 95.51 against the greenback, even though it opened the session at 95.52, 16 paise higher than its previous day’s closing level.

In the past three sessions, the Indian currency has lost 96 paise since May 7, when it ended at 94.22 against the U.S. dollar.

Anuj Choudhary, Research analyst at Mirae Asset ShareKhan, said the rupee hit a fresh record low on rising crude oil prices and a surge in inflation.

“Stalemate between the U.S. and Iran on peace talks has led to risk aversion in global markets. A strong dollar and FII outflows too pressurised the rupee,” he said and projected the USD-INR spot price to trade “in a range of ₹95.45 to ₹96.15”.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading at 98.46, up 0.29%.

Brent crude, the global oil benchmark, was trading lower by 0.22% at $107.73 per barrel in futures trade.

On the domestic equity market front, the 30-share Sensex was trading 79.50 points higher at 74,638.74, while the Nifty was up 39.50 points to 23,419.05.

Foreign Institutional Investors offloaded equities worth ₹1,959.39 crore on Tuesday (May 12, 2026), according to exchange data.

On the domestic macroeconomic front, retail inflation inched up to 3.48% in April mainly due to higher prices of gold and silver jewellery as well as some kitchen items, according to government data released on Tuesday (May 12, 2026).

The Consumer Price Index (CPI)-based inflation, with base year 2024, was 3.40% in March, 3.21% in February, and 2.74% in January.

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 depreciated 16 paise to close at 88.66 (provisional) against the U.S. dollar on Wednesday (November 12, 2025), weighed down by the strength of the American currency in the overseas market and elevated crude oil prices.

Forex traders said the rupee traded within a range as renewed optimism over the India-U.S. trade deal and rising hopes that the government shutdown could end soon supported the domestic unit at lower levels.

At the interbank foreign exchange, the rupee opened at 88.61 against the U.S. dollar and touched an intra-day high of 88.56 and a low of 88.66 during the day.

The domestic unit finally settled for the day at 88.66 (provisional), registering a loss of 16 paise from its previous close.

On Tuesday (November 11, 2025), the rupee had settled at 88.50 against the U.S. dollar.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading 0.15% higher at 99.58, on optimism that the U.S. government shutdown will end soon.

The Senate has approved a bill to end the shutdown, and the House of Representatives could vote on it as early as Wednesday.

Brent crude, the global oil benchmark, was trading 0.36% higher at $64.28 per barrel in futures trade.

Moreover, the optimism over a nearing U.S. trade deal supported the local unit, they said.

The U.S. is “pretty close” to reaching a “fair trade deal” with India, President Donald Trump has said, adding that he will lower the tariffs imposed on Indian goods at “some point”.

This is the second time in less than two weeks that the U.S. President held out hope to seal the proposed bilateral trade deal with India.

On the domestic equity market front, the Sensex jumped 595.19 points to settle at 84,466.51, while the Nifty climbed 180.85 points to 25,875.80.

Foreign Institutional Investors sold equities worth ₹803 crore on Tuesday (November 12, 2025), according to exchange data.

The rupee showed some recovery and traded 5 paise higher at 88.64 against the dollar in early trade on Friday (October 31, 2025), tracking lower crude oil prices and weaker American currency.

According to forex traders, the outflow of foreign funds amid selling pressure in the equity markets prevented a sharp gain in the domestic unit.

At the interbank foreign exchange, the rupee opened at 88.60 rose slightly to 88.59 before trading at 88.64 against the greenback, up 5 paise from its previous close.

On Thursday (October 30, 2025), the rupee had crashed 47 paise to settle at 88.69 against the U.S. dollar after the U.S. Federal Reserve reduced interest rates by 25 basis points, in line with expectations.

However, Fed Chair Jerome Powell flagged U.S. inflation staying above the target level and uncertainties in the labour market, trimming hope for a further rate cut in the December policy.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, fell 0.02% to 99.33.

Brent crude, the global oil benchmark, fell 0.68% to $64.56 per barrel in futures trading. On the domestic equity market front, Sensex climbed 192.31 points, or 0.23%, to 84,596.77 in early trade, while the Nifty gained 42.05 points, or 0.16%, to 25,919.90.

Foreign institutional investors sold equities worth ₹3,077.59 crore on Thursday (October 30, 2025), according to exchange data.