The rupee closed marginally up by 3 paise at 95.12 (provisional) against the US dollar on Tuesday, backed by likely intervention from the Reserve Bank amid elevated crude oil prices and a stronger greenback ahead of the US Federal Reserve’s policy decision.
The Indian currency showed some recovery after RBI interventions but failed to withstand pressure from unabated selling by foreign equity investors, according to forex traders.
In the interbank foreign exchange market, the rupee opened at 95.17 and traded in a tight range of 95.09 to 95.24 before closing at 95.12 (provisional) against the greenback, up 3 paise from its previous close.
On Monday, the rupee depreciated for the third consecutive day and settled 22 paise lower at 95.15 against the US dollar.
In the last three sessions, the rupee has lost 77 paise against the US dollar.
Anuj Choudhary, Research Analyst, Mirae Asset Sharekhan, said the rupee traded with minor gains on likely intervention by the RBI. Recovery in crude oil prices and weak domestic markets, however, capped sharp gains. A positive tone in the US dollar also weighed on the Rupee at higher levels.
“We expect the rupee to trade with a negative bias on a positive dollar and weak global markets. Elevated crude oil prices may also keep the rupee under pressure. However, hopes of de-escalation between the US and Iran on diplomatic talks may support the rupee at lower levels,” Choudhary said.
“Any intervention by the RBI may support the rupee at lower levels. Traders may take cues from durable goods orders and consumer confidence data from the US. USD-INR spot price is expected to trade in a range of Rs 94.85 to Rs 95.50.”
Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading higher by 0.06 per cent at 101.86.
Brent crude, the global oil benchmark, was trading lower by 0.07 per cent but hovered near its six-month high level at $115.73 per barrel in futures trade.
Analysts attributed the increased level of crude oil prices to Houthi-led attacks on Saudi Arabia’s oil infrastructure that escalated the fear of global supply chain disruptions.
On the domestic equity market front, Sensex settled 8.08 points lower at 73,598.67, while the Nifty ended with a loss of 3.45 points at 22,749.75.
Foreign Institutional Investors (FIIs) offloaded equities worth ₹1,462.49 crore on a net basis on Monday, according to exchange data.
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Published on October 27, 2026
