Rupee gains 12 paise to close at 96.24 against U.S. dollar
The Indian Rupee strengthened against the U.S. dollar, closing at 96.24 following significant foreign exchange inflows facilitated by Reserve Bank of India swap initiatives. These inflows, primarily through FCNR deposits, have bolstered the country's balance of payments position.
Why it matters
Currency stability is critical for India's economic health, especially amid global market uncertainties and rising oil prices.
Rupee pared initial losses and settled for the day higher by 12 paise at 96.24 (provisional) against the U.S. dollar on Tuesday (July 21, 2026), as traders assessed the strong inflows related to the Reserve Bank’s initiatives to support foreign exchange liquidity amid global market uncertainties.
Forex traders said India attracted $20.72 billion in forex inflows under the swap facility since June, providing significant structural support to the country’s balance of payments position.
At the interbank foreign exchange, the rupee opened at 96.41 against the U.S. dollar and traded in the range of 96.13 to 96.42 during the day. The domestic unit finally settled for the day at 96.24 (provisional), higher by 12 paise from its previous close.
On Monday (July 20, 2026), the rupee fell 6 paise to 96.36 against the U.S. dollar.
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