The rupee, which slipped below the 96 level in intraday trade, ended Thursday’s (September 17, 2026) session with a loss of just 3 paise at 95.94 (provisional) against the U.S. dollar, paring initial losses on likely RBI intervention.

The rupee ended almost flat amid a slight fall in the dollar index and crude oil prices, which supported investor sentiment despite global geopolitical volatility.

According to forex analysts, the local currency, however, stayed under pressure due to outflows of foreign funds and global trade uncertainties after the House of Representatives cleared a law authorising President Donald Trump to impose up to a 100% tariff on India and other countries importing Russian oil.

The domestic unit was also weighed down after the U.S. Federal Reserve hiked interest rates for the first time in three years amid rising inflation, they said.

At the interbank foreign exchange market, the rupee opened at 95.88 and hit the intraday low of 96.10, breaching the 96 level for the first time since July 24. The unit recovered during the session and touched the high of 95.78 before settling at 95.94 against the U.S. dollar, 3 paise lower than the previous closing level.

“The Indian rupee experienced a highly volatile trading session on Thursday, initially buckling under a hawkish Fed onslaught and weaker Asian currency sentiment. However, those early losses proved fleeting as aggressive central bank intervention swooped in with heavy-handed dollar defence, pulling the local unit off the canvas to secure marginal gains,” Dilip Parmar – senior research analyst, HDFC Securities.

Mr. Parmar further noted that “turning to the technical outlook, the spot USD/INR pair remains in an overall upward trend following its recent surge, though we anticipate a period of short-term consolidation with key support around 95.45 and resistance capped at 96.30.” On Wednesday, 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 0.05% lower at 99.92.

Brent crude, the global oil benchmark, was trading 1.29 per cent lower at USD 104.47 per barrel in futures trade.

In domestic equities, Sensex fell 21.86 points, or 0.03%, to settle at 74,314.59, while the Nifty ended with a gain of 53.00 points, or 0.23%, at 23,270.60.

Foreign institutional investors (FIIs) offloaded equities worth ₹2,032.61 crore on a net basis on Wednesday (September 16, 2026), according to exchange data.

The rupee gained 26 paise to trade at 94.96 per U.S. dollar on Tuesday (September 1, 2026) morning, on robust domestic growth, contained fiscal slippage, and portfolio-related inflows.

Forex traders said the USD/INR pair appears to have found a strong near-term base around 95.10-95.20. While MSCI-related inflows have provided temporary support.

At the interbank foreign exchange market, the rupee opened at 95.06, then gained ground to touch 94.96 against the U.S. dollar, registering a gain of 26 paise from its previous close.

On Monday (August 31, 2026), the rupee pared initial losses and settled for the day with gains of 21 paise at 95.22 against the U.S. dollar.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading at 99.46, higher by 0.03%.

Brent crude, the global oil benchmark, was trading higher by 0.63% at $91.06 per barrel in futures trade after U.S. President Donald Trump warned that the United States would “hit Iran hard” following missile attacks on American military bases in Jordan.

On the domestic equities market front, Sensex declined 121.48 points to 76,835.79 in early trade, while the Nifty dipped 52.6 points to 24,027.80.

Foreign institutional investors offloaded equities worth ₹7,985.88 crore on a net basis on Monday (August 31, 2026), according to exchange data.

FPIs invested around $3.1 billion in August, their strongest monthly inflow in 23 months and the second consecutive month of net buying.

However, foreign investors remain net sellers of around $24.6 billion so far in 2026. “So, the direction has improved — but the broader foreign-flow picture is still not completely comfortable,” Mr. Pabari added.

On the macroeconomic front, India’s economy grew at a faster-than-expected 7.8% in the April-June quarter, showing resilience in the face of concerns that the war in Iran and resulting global economic uncertainty could weigh on growth.

“The data is particularly noteworthy because it came during a period marked by Middle East tensions and elevated crude prices. Strong growth does not automatically strengthen a currency, but it does reinforce the perception that India’s domestic economy remains resilient despite global turbulence,” CR Forex Advisors MD Amit Pabari said.

Meanwhile, the central government’s fiscal deficit for 2026-27 stood at 26.8 per cent of the full-year target at the end of July, according to data released by the Controller General of Accounts (CGA) on Monday.

The deficit was at 29.9% of Budget Estimates (BE) of 2025-26 for the first four months of the previous financial year.

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.

The Rupee fell 10 paise to 95.28 against the U.S. dollar in early trade on Monday (June 29,2026) weighed down by the broad strength of the American currency in the overseas market.

Forex traders said whenever fresh foreign inflows enter the country, the Central bank is likely to use the opportunity to rebuild its reserve position rather than allowing the Rupee to strengthen too much.

Moreover, uncertainty prevailed over the progress of U.S.-Iran peace talks keeping a geopolitical risk premium in the market.

At the interbank foreign exchange market, the Rupee opened at 95.25, then touched 95.28 against the U.S. dollar, registering a loss of 10 paise from its previous close. On Friday (July 3, 2026) the Rupee appreciated 17 paise to close at 95.18 against the U.S. dollar.

“The message from last week is simple. When the Rupee cannot rally on good news like falling oil and a softer dollar, it tells you the underlying mood is fragile. Any fresh negative trigger could push USD-INR towards the 95.80 to 96.00 zone, while support holds near 94.80 to 95.00,” 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 100.95, up 0.10%.

“The dollar index eased to around 100.90 as weak U.S. jobs data continued to weigh on it. Normally, a softer dollar is exactly what the Rupee needs to catch a breath. This time, it simply did not happen, and that is the part worth watching closely this week,” Mr. Pabari added.

Brent crude, the global oil benchmark, was trading lower by 0.58% at $71.70 per barrel in futures trade. On the domestic equity market front, Sensex climbed 281.40 points to 78,051.03 in early trade, while the Nifty rallied 74.60 points to 24,347.05.

Foreign institutional investors turned net buyers, purchasing equities worth ₹1,355.33 crore on a net basis on Friday (July 3,2026), according to exchange data.

India’s forex reserves dropped $5.654 billion to $666.933 billion during the week ended June 26, the RBI said on Friday (July 3,2026). In the previous reporting week, the kitty jumped $963 million to $672.587 billion.

The kitty had expanded to an all-time high of $728.494 billion during the week ended February 27 this year before the onset of the West Asia conflict, which led to several weeks of a drop as the rupee came under pressure and the RBI had to intervene in the forex market through dollar sales.

The rupee appreciated 14 paise to close at 95.21 (provisional) against the U.S. dollar on Friday (July 3, 2026) as the dollar index retreated from its recent 15-month high levels and mirrored positive domestic equities.

Forex traders said despite a weaker dollar index and lower crude oil prices, the rupee is facing pressure from robust dollar demand from importers and corporate hedgers.

At the interbank foreign exchange market, the rupee opened at 95.20 against the American currency and traded in a range of 95.16-95.35 during the session.

The rupee finally closed at 95.21 (provisional), registering a rise of 14 paise from its previous close.

On Thursday (July 2, 2026), the rupee pared initial gains and settled for the day on a negative note, lower by 19 paise at 95.35 against the U.S. dollar.

According to experts, the Reserve Bank of India (RBI) is actively purchasing dollars to rebuild its foreign exchange reserves, which have dropped to roughly $672.6 billion from a February peak of $728.49 billion.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading at 100.75, lower than its recent 15-month high of 101.6.

Meanwhile, Brent crude, the global oil benchmark, was trading higher by 0.22% at $71.96 per barrel in futures trade.

On the domestic equity market front, Sensex climbed 261.79 points to settle at 77,763.91, while the Nifty was up 95.15 points to 24,270.85.

Foreign institutional investors sold equities worth ₹311.82 crore on a net basis on Thursday (June 2, 2026), according to exchange data.

Foreign investors extended their selling spree in June, withdrawing ₹49,340 crore ($5.16 billion) from Indian equities, triggered by a combination of early-month global risk aversion, a preference for developed markets, soaring U.S. bond yields, and stretched valuations in the domestic market.

According to data from the Central Depository Services (India) Ltd, the total withdrawals by Foreign Portfolio Investors (FPIs) from Indian equities have surged to ₹2.7 lakh crore so far in 2026, surpassing the ₹1.66 lakh crore pulled out during the entire calendar year 2025.

The rupee fell 7 paise to 94.58 against the American currency in early trade on Tuesday (June 30, 2026), as month-end demand for dollars from importers and corporates added pressure on the domestic unit.

Forex traders said the losses for the rupee were partly cushioned by relatively stable crude oil prices globally.

However, concerns about potential supply disruptions in the Gulf and continued uncertainty around the Strait of Hormuz weighed on investor sentiments.

At the interbank foreign exchange market, the rupee touched 94.58 against the U.S. dollar, registering a loss of 7 paise from its previous close.

On Monday (June 29, 2026), the rupee pared initial gains and settled lower by 6 paise at 94.51 against the dollar.

“As June draws to a close, month-end and quarter-end dollar demand has started showing up once again. Importers, corporates, and banks typically use this period to square positions and meet payment obligations, creating additional demand for dollars,” CR Forex Advisors MD Amit Pabari said.

The dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading at 101.31, up 0.21%.

Meanwhile, Brent crude, the global oil benchmark, was trading lower by 0.44% at $72.83 per barrel in futures trade.

“The sharp geopolitical risk premium that had pushed oil higher earlier has largely faded, with traders now focusing on the resumption of US-Iran discussions. However, mixed signals from both sides mean that energy markets are not yet ready to declare the situation resolved,” Mr. Pabari said.

On the domestic macroeconomic front, industrial production expanded by 5.1% in May, exceeding market expectations and improving from the previous month’s reading.

The IIP data suggest that despite global uncertainty, domestic economic activity continues to show resilience. Stronger growth ultimately strengthens the foundation on which the rupee stands, Mr. Pabari added.

“Technically, 94.00–94.30 remains a strong support zone for USDINR. The pair has repeatedly tested this area over the past week but has been unable to break lower, indicating strong dollar demand and possible RBI buying interest,” he added.

On the domestic equity market front, Sensex declined 103.95 points to 76,624.42 in early trade, while the Nifty dropped 40.10 points to 23,908.80.

Foreign institutional investors sold equities worth ₹1,350.1 crore on a net basis on Monday (June 29, 2026), according to exchange data.

Meanwhile, U.S. Ambassador to India Sergio Gor said on Tuesday (June 30, 2026) said the U.S.-India trade deal is in its “final steps”, with only the last 1% of negotiations left to be concluded.

Addressing the U.S.-India Strategic Partnership Forum Leadership Summit, Mr. Gor said he was determined to agree as it would be beneficial to both nations, and it would be sealed after nearly 18 months of talks.

The rupee depreciated 23 paise to 89.94 against the U.S. dollar in early trade on Friday (December 26, 2025), weighed down by foreign fund outflows and recovery in crude oil prices.

Forex traders said a negative trend in domestic equities, dollar demand from importers, and trade deal uncertainty further dented investor sentiment.

At the interbank foreign exchange, the local unit opened at 89.84 against the dollar but lost ground to trade at 89.94, down 23 paise from its previous close.

On Wednesday (December 24, 2025), the rupee pared initial gains and settled for the day lower by eight paise at 89.71 against the U.S. dollar.

Forex and equity markets were closed on Thursday (December 25, 2025) for Christmas.

After strengthening to the 89.00 level last week, the rupee has again started to weaken in holiday-thin trade, with FPIs continuing to sell equity and buy dollars after a brief pause, said Anil Kumar Bhansali, Head of Treasury and Executive Director at Finrex Treasury Advisors LLP.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading 0.08% lower at 97.89.

Brent crude, the global oil benchmark, was trading 0.16% higher at $62.34 per barrel in futures trade.

On the domestic equity market front, the 30-share benchmark index Sensex declined 183.42 points to 85,225.28 in early trade, while the Nifty dipped 46.45 points to 26,095.65.

Foreign institutional investors offloaded equities worth ₹1,721.26 crore on Wednesday (December 24, 2025), according to exchange data.

Rupee depreciated 9 paise to an all-time low of 90.58 against U.S. dollar in early trade on Monday (December 15, 2025), weighed down by uncertainty over an India-U.S. trade deal and persistent foreign fund outflows.

Forex traders said rupee is trading with a negative bias as investors are in wait and watch mode and awaiting cues from the India-U.S. trade deal front.

At the interbank foreign exchange market, the rupee opened at 90.53 against the U.S. dollar, then fell further to an all-time intraday low of 90.58 against the greenback, registering a fall of 9 paise over its previous close.

On Friday (December 12, 2025), the rupee had slipped 17 paise to close at an all-time low of 90.49 against the U.S. dollar.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading 0.05% lower at 98.35.

Brent crude, the global oil benchmark, was trading higher by 0.52% at $61.44 per barrel in futures trade.

On the domestic equity market front, the 30-share benchmark index Sensex was trading 298.86 points lower at 84,968.80, while the 50-share benchmark index Nifty was down 121.40 points at 25,925.55.

Foreign Institutional Investors (FIIs) sold equities worth ₹1,114.22 crore on Friday (December 12, 2025), according to exchange data.

“Foreign Portfolio Investments (FPIs) continue to be in selling mode in equity and debt while Reserve Bank of India (RBI) has been selling dollars to fund their long positions,” said Anil Kumar Bhansali, head of treasury and executive director of Finrex Treasury Advisors LLP.