Rupee trades in narrow range against U.S. dollar in early trade
The Indian Rupee traded in a narrow range, falling slightly to 95.97 against the U.S. dollar due to persistent demand from oil companies and foreign portfolio outflows. Despite RBI intervention, the currency remains under pressure from firm U.S. yields and global oil prices.
Why it matters
Currency fluctuations impact inflation and the cost of imports, serving as a key indicator of India's macroeconomic stability.
The rupee traded in a narrow range and fell 3 paise to 95.97 against the U.S. dollar in early trade on Wednesday (September 30, 2026), pressured by persistent dollar demand from state-run oil marketing companies and firm crude oil prices.
Dollar sales by state-run banks on behalf of the Reserve Bank of India in both spot and forward markets are restricting the USD/INR pair under the 96.00 level.
Additionally, foreign portfolio outflows of around $2.2 billion this month and firm U.S. yields are keeping the pressure on the USD/INR pair.
At the interbank foreign exchange market, the rupee opened at 95.87, then fell to 95.97 against the U.S. dollar, registering a fall of 3 paise from its previous close.
On Tuesday (September 19, 2026), the rupee settled marginally higher at 95.94, just a tad over the psychologically important 96 per dollar level.
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