CA Sansaar
Rupee Rises 55 Paise to Settle at ₹91.6 per Dollar After RBI Support
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The Indian rupee strengthened by 55 paise on Thursday to close at ₹91.6 against the US dollar, recovering from Wednesday’s close of ₹92.15. The gain came after the Reserve Bank of India reportedly intervened through state-run banks in both the spot and non-deliverable forward markets to stabilise the currency.
During the trading session, the rupee opened near the 91 level and moved within a range of ₹91.40 to ₹91.64 per dollar. Market participants said the central bank stepped in through major public sector banks after the currency had slipped to a record low of ₹92.3 in the previous session. Dealers noted that large dollar sales by these banks helped support the domestic unit.
According to Abhishek Goenka, founder of IFA Global, the rupee remained within the ₹91.40–₹91.64 range during the day as the RBI’s intervention, reportedly through state-run banks, helped stabilise the market.
He also said market sentiment improved slightly later in the session following reports that Iran had indicated a conditional willingness to step back from its nuclear programme if the United States offered an acceptable alternative arrangement. However, he added that in the near term, the rupee could remain sensitive to fluctuations in crude oil prices and global geopolitical developments.
Bankers believe the RBI may continue to play an active role in the foreign exchange market amid rising geopolitical uncertainties. The rupee touched an intraday high of ₹91.41 before settling at ₹91.6 per dollar by the close. Meanwhile, India’s key equity benchmarks gained around 1%, while most Asian stock markets advanced and regional currencies showed mixed trends.
Movements in global oil prices also influenced the currency during the session, as traders monitored developments related to the ongoing geopolitical tensions.
During the trading session, the rupee opened near the 91 level and moved within a range of ₹91.40 to ₹91.64 per dollar. Market participants said the central bank stepped in through major public sector banks after the currency had slipped to a record low of ₹92.3 in the previous session. Dealers noted that large dollar sales by these banks helped support the domestic unit.
According to Abhishek Goenka, founder of IFA Global, the rupee remained within the ₹91.40–₹91.64 range during the day as the RBI’s intervention, reportedly through state-run banks, helped stabilise the market.
He also said market sentiment improved slightly later in the session following reports that Iran had indicated a conditional willingness to step back from its nuclear programme if the United States offered an acceptable alternative arrangement. However, he added that in the near term, the rupee could remain sensitive to fluctuations in crude oil prices and global geopolitical developments.
Bankers believe the RBI may continue to play an active role in the foreign exchange market amid rising geopolitical uncertainties. The rupee touched an intraday high of ₹91.41 before settling at ₹91.6 per dollar by the close. Meanwhile, India’s key equity benchmarks gained around 1%, while most Asian stock markets advanced and regional currencies showed mixed trends.
Movements in global oil prices also influenced the currency during the session, as traders monitored developments related to the ongoing geopolitical tensions.
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