Rupee gains 28 paise to close at 94.94 against U.S. dollar
The Indian rupee appreciated by 28 paise to close at 94.94 against the U.S. dollar, driven by robust domestic growth and potential RBI intervention. Despite this gain, rising crude oil prices and geopolitical tensions continue to pose risks to the currency's stability.
Why it matters
Currency fluctuations impact inflation, import costs, and overall economic stability, making this critical information for investors and policymakers.
The rupee gained 28 paise to close at nearly two-month high of 94.94 (provisional) against the U.S. dollar on Tuesday (September 1, 2026) on robust domestic growth, controlled fiscal slippage and portfolio-related inflows.
Forex traders said recent MSCI-linked inflows are offering temporary support to the rupee.
Moreover, the Reserve Bank of India (RBI) might have intervened to support the domestic currency, they said.
At the interbank foreign exchange market, the rupee opened at 95.06 and touched an intraday high of 94.79 and a low of 95.10 during the session.
At the end of Tuesday's trading session, the rupee was quoted at 94.94 (provisional), higher by 28 paise from its previous close.
On Monday, the rupee settled 21 paise higher at 95.22 against the U.S. dollar.
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