The rupee gained 5 paise to 95.57 against the U.S. dollar in early trade on Wednesday (September 23, 2026), supported by falling crude oil prices and a broader recovery in Asian currencies.

Forex traders said going ahead, the currency market direction will majorly be driven by unfolding geopolitical developments.

Softer crude oil prices remain the major support for the rupee, while a firm American currency after the US Fed’s rate hike and foreign portfolio outflows remain the main concerns.

At the interbank foreign exchange market, the rupee opened at 95.58 and then touched 95.57 against the American currency, registering a gain of 5 paise from its previous close. On Tuesday (September 22, 2026), the rupee had settled at 95.62 against the U.S. dollar.

“We see 96.30 as the upper cap, with strong Reserve Bank intervention expected as the pair approaches 96.30–96.50, and support at 95.50 and then 95.00. Softer crude remains the rupee’s clearest support, with a firm dollar after the Fed’s hike and foreign portfolio outflows the main offsets,” 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 100.70, higher by 0.10 per cent.

Brent crude, the global oil benchmark, was trading lower by 0.99% at $98.27 per barrel in futures trade.

On the domestic equity market front, the Sensex climbed 283.66 points to 74,812.74 in early trade, while Nifty rose 85.55 points to 23,414.55.

Foreign Institutional Investors (FIIs) offloaded equities worth ₹3,809.99 crore on a net basis on Tuesday (September 22, 2026), according to exchange data.

The rupee depreciated 19 paise to breach the 96 level against the U.S. dollar for the first time in over two months in early trade on Thursday (September 17, 2026) following weak investor sentiments amid global uncertainties.

The currency, however, pared losses and traded with a gain of 10 paise following suspected RBI intervention.

According to forex analysts, the rupee is expected to see high volatility pressured by elevated crude oil prices hovering at $105 per barrel and the broad strength of the American currency in the overseas market.

Moreover, a rate hike of 25 basis points by the U.S. Federal Reserve, which came for the first time in three years, added strength to the greenback and put additional pressure on the domestic currency.

At the interbank foreign exchange market, the rupee opened at 95.88 and lost further ground to trade at 96.10 against the U.S. dollar in early deals, down 19 paise from its previous close, breaching the crucial 96 level for the first time since July 24.

In initial trade, the currency also touched 95.81, registering a gain of 10 paise from its previous close.

On Wednesday (September 16, 2026), the local unit ended 3 paise lower at 95.91 against the American currency, extending its downward trend for the seventh session in a row.

In the preceding six sessions, the rupee has lost 148 paise, or more than 1.4%, since the closing level of 94.43 against the greenback recorded on September 4.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading 0.10% higher at 100.07.

Brent crude, the global oil benchmark, was trading 0.26% lower but remained elevated at $105.55 per barrel in futures trade.

On the global front, the U.S. House of Representatives passed a bill authorising President Donald Trump to impose sanctions on Russia and steep tariffs on its trading partners in oil and gas, including India and China.

In domestic equities, Sensex rose 183.42 points, or 0.25%, to 74,519.87, while the Nifty advanced 71.45 points, or 0.31%, to 23,288.65.

Foreign institutional investors (FIIs) offloaded equities worth ₹2,032.61 crore on a net basis on Wednesday (September 16), according to exchange data.

The rupee fell 3 paise to 95.91 against the U.S. dollar in early trade on Wednesday (September 16, 2026), facing pressure from a strong American currency and outflow of foreign funds.

Positive domestic equity markets, however, supported the local currency, even as crude oil prices remained elevated amid heightened tension in West Asia, forex traders said.

At the interbank foreign exchange market, the rupee opened at 95.89 against the U.S. dollar and fell further to 95.91, trading 3 paise lower from its previous close.

The rupee settled 34 paise lower at 95.88 against the American currency on Tuesday (September 15, 2026), after weakening by 113 paise or more than 1% in the preceding five sessions since the closing level of 94.43 recorded on September 4.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading at 99.38, higher by 0.04%.

The higher dollar index was attributed to market expectations of a hike in interest rates by the U.S. Federal Reserve, which will announce its monetary policy decision on Wednesday (September 16, 2026).

Experts said that the Fed is likely to hike the funds rate for the first time in three years in an effort to rein in inflation triggered by higher oil prices.

Brent crude, the global oil benchmark, was trading lower by 0.58% but remained elevated at $108.12 per barrel in futures trade.

According to analysts, global oil markets have been roiled by fresh tensions in West Asia after attacks from Iranian-backed Houthi rebels in Yemen against Saudi Arabia’s shipping and infrastructure. Traders fear the escalating conflict could disrupt Saudi oil exports out of the Red Sea.

On the domestic equities market front, Sensex climbed 240.75 points, or 0.33%, to 74,244.57 in morning trade, while the Nifty gained 83.70 points,or 0.36% to 23,202.30.

Foreign institutional investors (FIIs) offloaded equities worth ₹2,977.86 crore on a net basis on Tuesday (September 15, 2026), according to exchange data.

The Reserve Bank ​of India likely intervened ‌in the foreign ​exchange market ⁠on Tuesday (September 15, 2026), four traders told Reuters, as rising ‌oil prices and growing wagers ‌on a ‌rate ⁠hike in the ⁠U.S. this week pressured the South Asian unit.

The ​rupee declined ‌0.2% to 95.79, hovering around its weakest levels in ‌a month.

State-run banks ​were spotted offering dollars, most ⁠likely on behalf of the RBI, the ‌traders said. The dollar sales were not “especially heavy” in nature and are likely ‌intended to limit excessive volatility, ​a trader at a Mumbai-based ⁠bank said.

Brent crude oil prices ⁠were last up 1.2% ‌at $106.9 per barrel.

The rupee fell 28 paise to close at 94.84 (provisional) against the American currency on Tuesday (September 8, 2026) as geopolitical tensions in West Asia and rising Brent crude prices nearing $99 per barrel weighed on investor sentiment.

Forex traders said the Indian rupee declined on a surge in crude oil prices amid fresh attacks on Aramco’s facilities by Yemen’s Houthis.

Moreover, rising geopolitical tensions in West Asia and a weak trend in domestic equities further pressured the rupee.

At the interbank foreign exchange market, the rupee opened at 94.49 against the U.S. dollar. The local unit touched an intraday high of 94.49 and a low of 94.89. The rupee finally settled at 94.84 (provisional), down 28 paise from its previous close.

On Monday (September 7), the rupee fell 13 paise to close at 94.56 against the American currency.

“We expect the rupee to trade with a slight negative bias on the escalation of tensions in West Asia and worries over rising crude oil prices. Risk aversion in global markets may also pressurise the rupee.

“However, a weak dollar and foreign inflows may support the rupee at lower levels. Investors may now focus on inflation data from the U.S. and India. USD-INR spot price is expected to trade in a range of 94.60 to 95.10,” Anuj Choudhary, Research Analyst, Mirae Asset ShareKhan, said.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading at 98.96, lower by 0.21%.

Brent crude, the global oil benchmark, was trading higher by 1.39% at $98.35 per barrel in futures trade.

According to forex traders, elevated crude oil prices, with Brent remaining near the $97 per barrel mark, along with the absence of any significant resolution to ongoing geopolitical uncertainties, kept investor sentiment cautious.

On the domestic equities market front, Sensex tanked 555.23 points to settle at 75,577.58, while the Nifty dropped 144.05 points to 23,635.10.

Foreign institutional investors (FIIs) purchased equities worth ₹280.13 crore on a net basis on Monday (September 7), according to exchange data.

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 extended its gaining momentum for the fifth straight session on Thursday (September 3, 2026), appreciating 14 paise to close at 94.59 (provisional) against the U.S. dollar, buoyed by the country’s improved balance of payment condition following higher-than-expected foreign currency deposits.

India mobilised a record $127.23 billion through FCNR (B), or foreign currency non-resident (bank) 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.

At the interbank foreign exchange market, the rupee opened at 94.30 and touched an intraday high of 94.26 and a low of 94.59 during the session.

At the end of Thursday’s trading session, the rupee was quoted at 94.59 (provisional), higher by 14 paise from its previous close.

On Wednesday (September 2, 2026), the rupee settled at 94.73, recording a gain of 22 paise.

The local unit gained 27 paise to settle at 94.95 against the U.S. dollar on Tuesday, after rising 21 paise and 2 paise in the preceding two sessions on Monday and Friday, respectively. “Indian rupee rose sharply amid huge FCNR deposit inflows and FII buying. Softening of the US dollar and US treasury yields amid sharp appreciation in the Yen also supported the rupee,” said Anuj Choudhary, Research Analyst, Mirae Asset ShareKhan.

Mr. Choudhary said the rupee is expected to trade with a positive bias on optimism over rising foreign inflows, a rise in risk appetite in global markets and softening of the U.S. Dollar.

“However, elevated crude oil prices and any fresh escalation of tensions between the US and Iran may cap sharp upside. Traders may take cues from trade balance, weekly unemployment claims and ISM services PMI data from the US,” Mr. Choudhary added.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading at 99.22, marginally lower by 0.38% on safe-haven demand amid renewed U.S.-Iran tensions.

Brent crude, the global oil benchmark, was trading higher by 0.85% at $96.44 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 dropped 417.49 points to settle at 76,152.86, while the Nifty fell 41 points to 23,873.45.

Foreign institutional investors purchased equities worth ₹6,688.37 crore on a net basis on Wednesday (September 2, 2026), according to exchange data.

The rupee traded in a tight range and settled for the day at 94.97 (provisional) on Wednesday (September 2, 2026), recording a marginal loss of 2 paise as the support from foreign capital inflows was negated by weak local equities and a strong U.S. dollar.

Forex traders said the RBI is keeping a tab on the rupee’s fall as Brent crude prices have risen to $95 per barrel and the dollar index is hovering around 99.80 on a bout of risk aversion on renewed U.S.-Iran tensions.

Moreover, market participants have raised the probability of a hike in interest rates by the U.S. Federal Reserve in September, pushing U.S. Treasury yields higher and triggering a broad dollar rally.

Investor sentiment also impacted after the 10-year U.S. Treasury yields rose above 4.8% – the highest since January 2025 – following softer-than-anticipated U.S. economic data.

At the interbank foreign exchange market, the rupee opened at 94.97 and touched an intraday high of 94.83 and a low of 94.99 during the session.

At the end of Wednesday’s trading session, the rupee was quoted at 94.97 (provisional), lower by 2 paise from its previous close.

“We expect the rupee to trade with a slight negative bias amid renewed geopolitical tensions as the U.S. attacked Iran, leading to a further surge in crude oil prices. Hawkish comments from Fed Chair Kevin Warsh may further pressurise the rupee.

“However, any de-escalation of tensions may support the rupee at lower levels. Traders may take cues from ADP non-farm payrolls and factory orders data from the U.S. USD-INR spot price is expected to trade in a range of 94.70 to 95.25,” 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 at 99.82, higher by 0.14 per cent.

Brent crude, the global oil benchmark, was trading higher by 0.44% at $95.07 per barrel in futures trade, amid concerns over disruptions to crude supplies through the Strait of Hormuz.

On the domestic equities market front, Sensex dropped 373.93 points to settle at 76,570.35, while the Nifty was down 141.35 points to 23,914.45.

Foreign institutional investors purchased equities worth ₹1,143.38 crore on a net basis on Tuesday (September 1, 2026), according to exchange data.

The rupee pared initial gains and settled for the day with gains of just 3 paise at 95.70 against the U.S. dollar on Thursday (August 20, 2026), as the support from the weaker dollar index was negated by elevated crude oil prices.

Forex traders said while a weaker U.S. dollar eases some depreciation pressure on the domestic currency, crude oil hovering above $90 would continue to keep pressure on India’s import bill.

The dollar index fell to its lowest level since late May after the U.S. Treasury announced that it would double its buyback operations for longer-dated Treasury bonds, pushing U.S. long-term yields lower and reducing the dollar’s yield advantage.

At the interbank foreign exchange, the rupee opened at 95.57 against the greenback and traded in a range of 95.56-95.72 during the session. It eventually settled at 95.70 (provisional), higher by 3 paise from its previous close.

On Wednesday (August 19, 2026), the rupee stayed almost flat, ending just 1 paisa higher at 95.73 against the U.S. dollar.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading at 98.61, lower by 0.22 per cent.

Brent crude, the global oil benchmark, was trading higher by 2.22% at $93.65 per barrel in futures trade.

According to Anuj Choudhary, Research Analyst, Mirae Asset ShareKhan, the rupee opened higher on weak dollar and positive domestic markets. However, rupee pared initial gains on rising crude oil prices.

“We expect the rupee to trade with a slight negative bias on renewed geopolitical tensions between the U.S. and Iran after U.S. President Donald Trump announced crushing economic sanctions against Iran.

“Rising crude oil prices and inflation worries may also drag the rupee lower. However, a falling the US dollar amid diminishing rate hike expectations may support the rupee at lower levels. Traders may take cues from weekly unemployment claims data from the US. USDINR spot price is expected to trade in a range of 95.50 to 96,” Mr. Choudhary said.

On the domestic market front, Sensex jumped 628.04 points to settle at 77,537.72, while the Nifty surged 153.55 points to 24,231.85.

Foreign institutional investors purchased equities worth ₹407.99 crore on a net basis on Wednesday (August 19, 2026), according to exchange data.

The rupee depreciated 7 paise to 95.40 against the U.S. dollar in early trade on Thursday (August 13, 2026) pressured by elevated crude oil prices and lingering geopolitical risks.

Forex traders said investor sentiment remains fragile as the standoff between the U.S. and Iran does not seem to be coming to an end, with Iran warning of keeping the Strait of Hormuz closed till 2029 and the U.S. President saying that Hormuz is in the U.S.’s command.

At the interbank foreign exchange market, the rupee opened at 95.40, registering a fall of 7 paise from its previous close.

On Wednesday, the rupee closed at 95.33 against the American currency.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading at 100.01.

Brent crude, the global oil benchmark, was trading lower by 1.22% at $87.89 per barrel in futures trade.

With oil prices near to $88 a barrel but the dollar index higher at 100.01, the rupee opened at 95.40 on Thursday, after rising to 95.25 on Wednesday, said Anil Kumar Bhansali Head of Treasury and Executive Director Finrex Treasury Advisors LLP.

“RBI has been continuously backing the rupee at 95.41-95.45 despite oil demand taking it lower,” Bhansali said.

Foreign institutional investors offloaded equities worth ₹1,002.50 crore on a net basis on Wednesday (August 12), according to exchange data.

On the domestic equity market front, the Sensex was trading lower by 152.97 points at 77,813.38, while the Nifty was down 84.80 points at 24,351.15.