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 depreciated 25 paise to 95.33 against the U.S. dollar in early trade on Thursday (September 11, 2026) as Brent crude price crossed the $100 mark sharply increasing concerns over India’s import bill.

Forex traders said elevated crude oil prices and persistent dollar demand also weighed on investor sentiments.

In the interbank foreign exchange market, the rupee opened at 95.15 against the U.S. dollar, then fell to 95.33, down 25 paise from its previous close.

On Wednesday (September 9, 2026), the rupee slumped 34 paise to close at 95.08 against the American currency.

“Rupee’s move beyond the psychologically important 95 level also triggered some additional dollar demand and stop-loss activity. However, the decline was contained by RBI intervention,” 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 at 98.72, lower by 0.09%.

Brent crude, the global oil benchmark, was trading marginally lower by 0.23% at $ 100.98 per barrel in futures trade, amid escalating U.S.-Iran tensions and fears of disruption to oil flows through the Strait of Hormuz.

“For an economy that imports nearly 90% of its crude, every $10 rise in oil can add roughly $12–15 billion to the annual import bill, putting further pressure on the current account and the rupee. With FCNR-related dollar inflows no longer available to offset this pressure, sustained high oil prices could weigh more heavily on the currency,” CR Forex Advisors MD Amit Pabari said.

The rupee is entering a phase where the temporary support from FCNR-related flows has largely faded, while global headwinds are becoming stronger.

“The break above 95.00 is technically significant. The expectation is that if USD/INR sustains above 95, the probability of a move towards 95.50 has increased, followed by 96.00 if the momentum continues,” Pabari added.

On the domestic equities market front, Sensex was trading marginally up by 38.07 points to 74,809.95 in early trade, while the Nifty was higher by 9.85 points to 23,439.20.

Foreign Institutional Investors (FIIs) offloaded equities worth ₹582 crore on a net basis on Wednesday (September 9, 2026), according to exchange data.

The rupee gained 5 paise to 94.46 against the U.S. dollar in early trade on Friday (September 4, 2026), supported by optimism over rising foreign inflows and a rise in risk appetite.

Forex traders said the rupee is poised to gain strength, supported by strong underlying inflows and aggressive RBI intervention. However, higher crude oil prices and potential U.S.-Iran tensions could limit further gains.

At the interbank foreign exchange market, the rupee opened at 94.53 against the U.S. dollar, then gained ground to touch 94.46, registering a gain of 5 paise from its previous close.

On Thursday (September 3, 2026), the rupee extended its gaining momentum for the fifth straight session appreciating 22 paise to close at 94.51 against the U.S. dollar.

India mobilised a record $127.23 billion through foreign-currency deposits under a special central-bank programme aimed at bolstering the country’s foreign-exchange liquidity.

Including overseas foreign-currency borrowings (OFCB) and external commercial borrowings (ECB), total inflows under the measures reached $136.377 billion, according to RBI data.

“Overall, the FCNR story has given the rupee a strong shot in the arm, but the underlying fundamentals still carry their share of risk. 94.00–94.20 remains a strong support zone. Any negative surprise, especially from the oil front, could pull USDINR back up towards 95.00, 95.50 and eventually 96.00,” C.R. 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 99.05, higher by 0.15 per cent on safe-haven demand amid renewed U.S.-Iran tensions.

Brent crude, the global oil benchmark, was trading higher by 0.40% at $95.90 per barrel in futures trade, on escalating U.S.-Iran tensions and fears of disruption to oil flows through the Strait of Hormuz.

On the domestic equities market front, Sensex jumped 468.64 points to 76,621.50 in early trade, while the Nifty was trading up 42.10 points at 23,915.55.

Foreign institutional investors offloaded equities worth ₹2,345.87 crore on a net basis on Thursday (September 3, 2026), according to exchange data.

The rupee depreciated 16 paise to close at 95.24 (provisional) against the U.S. dollar on Thursday (August 6, 2026), on slight gains in the U.S. Dollar Index and a modest increase in U.S. treasury yields.

Forex traders said the rupee was pressured by a slight recovery in the U.S. dollar index and foreign fund outflows, even as lower crude oil prices provided some underlying support.

At the interbank foreign exchange market, the rupee opened at 95.13 against the greenback and traded in a range of 95.12-95.24 during the session. It eventually settled at 95.24 (provisional), lower by 16 paise from its previous close.

On Wednesday (August 5, 2026), the rupee gained 20 paise to settle at 95.08 against the U.S. dollar. “Indian rupee declined today on a slight bounce in the U.S. dollar index and modest gains in the U.S. treasury yields.

“However, weak crude oil prices and hopes of a deal between the U.S. and Iran prevented a sharp fall,” said Anuj Choudhary, research analyst, Mirae Asset ShareKhan.

Mr. Choudhary further said that the rupee is likely to trade with a slight positive bias on a rise in risk appetite in global markets amid hopes of a deal between the U.S. and Iran.

“However, any bounce back in the dollar index and U.S. Treasury yields may cap sharp gains. Traders may take cues from weekly U.S. unemployment claims data. USD-INR spot price is expected to trade in a range of 94.80 to 95.50,” Mr. Choudhary said.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading at 99.78, down 0.11%.

Brent crude, the global oil benchmark, was trading higher by 0.09% at $79.52 per barrel in futures trade.

For India, Brent near $80 per barrel substantially reduces pressure on the import bill, inflation, and the current account compared with the $100+ levels seen in July, said Anil Kumar Bhansali, head of treasury and executive director, Finrex Treasury Advisors LLP.

On the domestic equity market front, Sensex climbed 373.76 points to settle at 78,954.76, while the Nifty closed marginally up by 11.35 points to 24,636.

Foreign Institutional Investors turned to selling and offloaded equities worth ₹943.42 crore on a net basis on Wednesday (August 5, 2026), according to exchange data.

The rupee rebounded from its all-time low levels and gained 15 paise to trade at 91.50 against the U.S. dollar in early deals on Thursday (January 22, 2026), on improved risk appetite after U.S. President Donald Trump said that he had no intention of applying tariffs on Europe for Greenland acquisition.

Forex traders said investors’ sentiments improved after President Trump announced in Davos on Wednesday (January 21, 2026) that he was scrapping his planned tariffs on eight European nations in an effort to force U.S. control over Greenland.

Moreover, a positive trend in domestic equities also helped in the rebound of the domestic unit.

At the interbank foreign exchange, the rupee opened at 91.54 then gained ground to trade at 91.50 against the greenback, up 15 paise from its previous close.

On Wednesday (January 21, 2026), the rupee plunged 68 paise to close at an all-time low of 91.65 against the dollar.

Forex traders, however, said the currency remains under severe pressure from heightening global geopolitical uncertainties.

The pending trade agreement with the U.S. remains a key stabilising factor. Until the geopolitical risk eases and the trade deal materialises, the rupee is likely to remain vulnerable to external shocks, they said.

According to Anil Kumar Bhansali, Head of Treasury and Executive Director at Finrex Treasury Advisors LLP, Asian equities are up giving some relief and rupee witnessed a rebound after Mr. Trump’s speech in Davos in which he avoided confrontation with European Nations to some extent and also said that a framework has been reached on Greenland.

Meanwhile, the dollar index, which measures the greenback’s strength against a basket of six currencies, was trading 0.02% higher at 98.78.

Brent crude, the global oil benchmark, was trading 0.17% higher at $65.35 per barrel in futures trade.

On the domestic equity market front, Sensex advanced 533.37 points to 82,443 in early trade, while the Nifty was up 157.20 points to 25,314.70.

Foreign Institutional Investors (FIIs) offloaded equities worth ₹1,787.66 crore on Wednesday (January 21, 2026), according to exchange data.

The rupee depreciated 7 paise from its all-time closing low to 88.80 against U.S. dollar in early trade on Wednesday (September 24, 2025) dragged down by tariff and H-1B visa issues amid persistent foreign fund outflows.

Forex traders said rupee is hovering near its all-time low level as enhanced U.S. tariffs on Indian goods as well as U.S. H-1B visa fee hike dented investor sentiments.

Moreover, investors’ risk-aversion and trade policy uncertainty has also exacerbated the rupee’s depreciation.

At the interbank foreign exchange, the rupee opened at 88.80, registering a decline of 7 paise over its previous close. In initial trade the rupee also touched 88.71 against the greenback.

On Tuesday (September 23), the rupee depreciated 45 paise to close at a fresh all-time low of 88.73 against the U.S. dollar. It had touched an all-time intraday low of 88.82 against the U.S. dollar.

“The H-1B visa fees has only aggravated the overall issues that India and US need to resolve,” said Anil Kumar Bhansali, Head of Treasury and Executive Director Finrex Treasury Advisors LLP.

Mr. Bhansali further noted that RBI has allowed the weakening considering the plight of the exporters.

“We may see new lows this week towards 89.00 before a pullback could be seen to enable importers to buy dollars,” he said.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading 0.09% higher at 97.35.

Brent crude, the global oil benchmark, was trading 0.24% higher at $67.79 per barrel in futures trade.

On the domestic equity market front, the Sensex dropped 380.48 points to 81,721.62 in early trade, while the Nifty declined 106.45 points to 25,063.05.

Meanwhile, Foreign Institutional Investors offloaded equities worth ₹3,551.19 crore on Tuesday, according to exchange data.