India Rupee Review
Down; erases all gains on banks' dollar buys for importers
This story was originally published at 16:04 IST on 9 February 2026
Register to read our real-time news.Informist, Monday, Feb. 9, 2026
By Kabir Sharma
MUMBAI – The rupee erased all gains and ended lower against the dollar Monday as banks bought the greenback on behalf of importers in the last hour of trade, offsetting the impact of the optimism around the India-US trade deal, dealers said.
"We saw rupee appreciate because of the trade deal but importers are ready to buy at any dip because they know that RBI (Reserve Bank of India) will start buying if it falls too much," a dealer at a state-owned bank said.
After opening higher and hitting a high of 90.3675 a dollar during the day, the rupee settled at 90.7575, against 90.6550 Friday. The currency moved in a broad range of 38 paise during the day.
Most Asian currencies appreciated against the dollar Monday, taking cues from the election in Japan and banking on the positive momentum from the India-US trade deal. Asian currencies rose in the range of 0.4-0.7% against the dollar.
The rupee also opened higher against the dollar owing to positive sentiment around the trade deal with the US, dealers said. India and the US Saturday released a joint statement on the trade deal under which the US has committed to cut reciprocal tariffs on Indian goods to 18%. The White House also issued an executive order to eliminate the 25% penal tariff on India for New Delhi's strategic relations with Russia.
The trade deal will open a $30-trillion market for Indian exporters, Union Minister of Commerce and Industry Piyush Goyal said in a post on social media platform X.
Taking a cue from the deal, the benchmark equity indices Nifty 50 and BSE Sensex ended 0.6% and 0.7% higher, respectively. Dealers said foreign banks sold the greenback for foriegn fund inflows into domestic equities, which also supported the rupee.
As the day progressed and the rupee touched the high of 90.3675 a dollar, state-owned banks bought dollars for importers and for defence-related payments, which weighed on the rupee. These dollar purchases pushed the rupee to the day's low of 90.7700 a dollar, dealers said.
The rupee was also supported by a sharp fall in crude oil prices, dealers said. Oil prices fell over 1% Monday after the US and Iran committed to continue their discussions on the West Asian country's nuclear programme, alleviating fears of a potential conflict that might interrupt supply of crude oil from the region. However, noting the fall in prices, some banks bought the greenback on behalf of oil marketing companies, which limited the rise in the rupee, dealers said.
The dollar edged lower ahead of the release of key data from the US, which also supported the rupee, dealers said. Investors will monitor the postponed January US jobs report, set to be released Wednesday after its publication was delayed by the partial government shutdown. Economists polled by Dow Jones anticipate an increase of 55,000 in payrolls for January, after management services company ADP's report last week indicated a private payroll growth of only 22,000.
At 1546 IST, the dollar index, which measures the dollar's strength against a basket of six major currencies, was at 97.35, compared with 97.68 Friday and 97.95 Thursday.
Dealers said there was a technical glitch in the Indian foreign exchange trading system of financial technology and data provider LSEG in the early hours of Monday which resulted in some issues in trading till around 1130 IST. However, the issue was resolved later.
| AT 1530 IST | AT 0900 IST | HIGH | LOW | PREVIOUS (AT 1530 IST) | |
| Spot rupee per $1 | 90.7575 | 90.5600 | 90.3675 | 90.7700 | 90.6550 |
| 1-year dlr/rupee fwd (paise) | 227.14 | 233.86 | 234.09 | 226.91 | 233.60 |
FORWARDS
Dollar-rupee forward premiums fell across tenures Monday as banks sold forward dollars, noting high surplus rupee liquidity in the banking system, dealers said. The net liquidity absorbed from the banking system by the RBI--a proxy for the liquidity surplus--rose significantly to INR 3.62 trillion Friday, the highest since Aug. 6. The net liquidity absorbed by the RBI had fallen to INR 3.10 trillion Saturday and further to INR 2.97 trillion Sunday.
Inflows from the central bank's open market operations auction and dollar-rupee buy-sell swap boosted the system's liquidity. However, some banks' dollar purchases for forward delivery, on behalf of importers, limited the fall in forward premiums, they said.
At 1530 IST, the one-year exact-period dollar-rupee forward premium was 2.50%, lower than the previous close of 2.57%. On an absolute basis, the premium was 227.13 paise, against 232.90 paise Friday.
OUTLOOK
On Tuesday, the rupee may track movements in the dollar index and crude oil prices, dealers said. They expect the positive impact of the India-US trade deal to keep supporting the rupee, dealers said.
Dealers expect importers to buy dollars if there is an appreciation in the rupee. They will also be watchful of the RBI's intervention through dollar purchases if the Indian unit rises to near 90.00 per dollar, they said.
Market participants are closely monitoring how foreign portfolio investor inflows into India are shaping up after the trade deal with the US, while also parsing through the fine print of the deal.
The rupee is likely to move in a range of 90.20-91.00 against the dollar Tuesday. Immediate technical support for the domestic currency is pegged at 91.00.
India Rupee: Fwd premiums fall across tenure on high surplus rupee liquidity
| AT 1333 IST | AT 0900 IST | HIGH | LOW | PREVIOUS (AT 1530 IST) | |
| Spot rupee per $1 | 90.6100 | 90.5600 | 90.3675 | 90.7025 | 90.6550 |
| 1-year dlr-rupee fwd (paise) | 228.14 | 233.86 | 234.09 | 227.53 | 232.90 |
MUMBAI – Dollar-rupee forward premiums fell across tenures on Monday as banks sold forward dollars, noting high surplus rupee liquidity in the banking system, dealers said. The net liquidity absorbed from the banking system by the Reserve Bank of India – a proxy for liquidity surplus – rose significantly to INR 3.62 trillion Friday, highest since Aug. 6. The net liquidity absorbed by the RBI fell to INR 3.10 trillion Saturday and further to INR 2.97 trillion Sunday.
"We are seeing recieving due to the excess liquidity in the system," a dealer at a private-sector bank said. "This should continue for sometime, maybe days."
Inflows from the central bank's open market operations auction and dollar-rupee buy-sell swap boosted the system's liquidity.
However, some banks' dollar purchases for forward delivery, on behalf of importers, limited losses for forward premiums, they said. The rupee appreciated sharply earlier in the day and hit a high of 90.3675 a dollar as traders assessed the details of the trade deal between India and the US, which were released on Saturday.
At 1333 IST, the one-year exact period dollar-rupee forward premium was 2.52%, lower than the previous close of 2.57%. On an absolute basis, the premium was 228.14 paise, against 232.90 paise Friday. (Pratiksha)
India Rupee - World FX: Yen up as Japan PM's party wins 2/3rd majority, dollar down
| AT 1336 IST | HIGH | LOW | PREVIOUS | |
| GBP/USD | 1.3598 | 1.3629 | 1.3589 | 1.3612 |
| EUR/USD | 1.1858 | 1.1862 | 1.1810 | 1.1822 |
| NZD/USD | 0.6018 | 0.6033 | 0.6012 | 0.6013 |
| AUD/USD | 0.7033 | 0.7043 | 0.7010 | 0.7012 |
| USD/JPY | 156.6170 | 157.6510 | 156.2220 | 157.2000 |
| USD/CAD | 1.3643 | 1.3677 | 1.3641 | 1.3683 |
| EUR/JPY | 185.7320 | 186.2140 | 184.8670 | 185.8579 |
| CHF/USD | 1.2936 | 1.2946 | 1.2869 | 1.2892 |
| EUR/CHF | 0.9166 | 0.9178 | 0.9160 | 0.9171 |
MUMBAI – The yen rose 0.5% against the dollar on Monday as Prime Minister Sanae Takaichi's party won elections with a landmark victory in Japan. Takaichi's Liberal Democratic Party won 316 of the 465 seats in Japan's lower house, its best performance to date. Together with coalition ally, the Japan Innovation Party, Takaichi currently holds 352 seats in the lower house, providing her with a straightforward route to implement her legislative plans.
Since her ascent to being the nation's first female prime minister in October, "Takaichi trade" has driven domestic stocks to all-time highs while triggering a sharp decline in Japanese government bonds and the yen. However, the optimisim around the economy and talks of intervention supported the Japanese currency.
The pound sterling was largely unchanged against the dollar after the Bank of England kept rates on hold at 3.75% at its first meeting of 2026 last week. The UK central bank signalled there was a high chance of an interest rate cut in the near term, adding that monetary policy is being set to ensure that the inflation rate "not only reaches 2% but remains sustainably at that level in the medium term."
The dollar eased against major currencies as the yen and the euro surged. The euro was up 0.4% against the dollar.
Market participants await the release of key US data for further cues on the movement of the dollar. At 0919 IST, the dollar index, which measures the dollar's strength against a basket of six major currencies, was at 97.60, compared with 97.68 Friday and 97.95 Thursday.
Market participants await macroeconomic data later this week. Investors will monitor the postponed January US jobs report, set to be released on Wednesday, after its publication was delayed due to the partial government shutdown. Economists polled by Dow Jones anticipate an increase of 55,000 in payrolls for January, after ADP's report last week indicated a private payroll growth of only 22,000. The January consumer price index, which has also been postponed, is set to be released on Friday. (Kabir Sharma)
India Rupee: Remains up on bks' dlr sales for FX inflows, trade deal optimism
| AT 1312 IST | AT 0900 IST | HIGH | LOW | PREVIOUS (AT 1530 IST) | |
| Spot rupee per $1 | 90.5300 | 90.5600 | 90.3675 | 90.7025 | 90.6550 |
| 1-year dlr/rupee fwd (paise) | 228.36 | 233.86 | 234.09 | 227.64 | 233.60 |
MUMBAI – The rupee was higher against the dollar on Monday as banks sold dollars for foreign fund inflows into Indian equities, dealers said. Optimism around the India-US trade deal also supported the Indian unit, they said.
"Some inflows are there but not aggressive, overall the momentum is positive for the rupee," a dealer at a state-owned bank said. "We will see some more appreciation towards 89 as the trade deal plays out fully," he said.
Banking on the positive momentum from the India-US tariff deal, the benchmark share indices Nifty 50 and Sensex were up 0.6?ch at 1308 IST.
India and the US Saturday released a joint statement on the recently concluded trade deal under which the US has committed to cut reciprocal tariffs on Indian goods to 18%. The White House also issued an executive order to eliminate the 25% penal tariff on India for New Delhi's strategic relations with Russia.
However, some banks bought the greenback on behalf of oil marketing companies noting the fall in prices, which limited the rise of the rupee, dealers said.
Dealers said there was a technical glitch in the Indian foreign exchange trading system of financial technology and data provider LSEG in the early hours of Monday which led to some issues in trading till around 1130 IST. However, the issue was resolved at the time of writing.
For the rest of the day, the rupee is seen moving between 90.30 and 90.80 against the greenback. Dealers peg immediate technical resistance for the rupee at 90.00 a dollar. (Kabir Sharma)
India Rupee: Technical levels for rupee - Feb 9
MUMBAI – At 1122 IST, the rupee was at 90.4700 per dollar. At 0900 IST, the rupee was at 90.5600 a dollar, against the previous close of 90.6550 a dollar. Following are the key support and resistance levels for the rupee as provided by leading banks and brokerages:
| Participants | S2 | S1 | R1 | R2 |
| Private-sector bank | - | 90.70 | 89.80 | - |
| Brokerage firm | 91.20 | 90.80 | 90.00 | 89.80 |
| Brokerage firm | 92.00 | 91.20 | 90.00 | 89.50 |
| Brokerage firm | 91.20 | 91.00 | 90.20 | 90.00 |
(Kabir Sharma)
India Rupee: Up on India-US trade deal optimism; oil cos' dlr buys weigh
| AT 0950 IST | AT 0900 IST | HIGH | LOW | PREVIOUS (AT 1530 IST) | |
| Spot rupee per $1 | 90.5250 | 90.5600 | 90.4400 | 90.7025 | 90.6550 |
| 1-year dlr/rupee fwd (paise) | 233.86 | 233.86 | 234.09 | 233.14 | 233.60 |
MUMBAI – The rupee was higher against the dollar Monday, taking cues from positive sentiment around the India-US trade deal, dealers said. "It is a big positive for the market that we have a clear understanding of the details, but the fine print is yet to be looked at," a dealer at a private bank said.
India and the US Saturday released a joint statement on the recently concluded trade deal under which the US has committed to cut reciprocal tariffs on Indian goods to 18%. The White House also issued an executive order to eliminate the 25% penal tariff on India for New Delhi's strategic relations with Russia.
India's trade deal with the US will open a $30-trillion market for Indian exporters, Union Minister of Commerce and Industry Piyush Goyal said in a post on social media platform X.
The rupee was also supported by a sharp fall in crude oil prices, dealers said. Oil prices fell over 1% on Monday after the US and Iran committed to ongoing discussions regarding the West Asian country's nuclear programme, alleviating fears of a potential conflict that might interrupt supply from the area.
However, some banks bought the greenback on behalf of oil marketing companies noting the fall in prices, which limited the rise in rupee, dealers said.
For the rest of the day, the rupee is seen moving between 90.30 and 90.80 against the greenback. Dealers peg immediate technical resistance for the rupee at 90.00 a dollar. (Kabir Sharma)
India Rupee - Asia FX: Most up tracking surge in stocks after Japan elections
MUMBAI – Most Asian currencies rose against the dollar Monday on the back of positive momentum in stocks after Japan's benchmark index surged to record highs. Stocks across the region surged as Japan's Prime Minister Sanae Takaichi won elections with a landmark victory.
The dollar edged lower ahead of the release of key data from the US, which also supported the rupee, dealers said. Investors will monitor the postponed January US jobs report, set to be released on Wednesday, after its publication was delayed due to the partial government shutdown.
At 0919 IST, the dollar index, which measures the dollar's strength against a basket of six major currencies, was at 97.60, compared with 97.68 Friday and 97.95 Thursday.
The Thai baht led the gains and was up 0.7% against the dollar. The Bhumjaithai Party's convincing victory in the recent Thai election is widely perceived as a positive development, expected to usher in policy continuity and political stability. This outcome has reassured investors who had feared further political instability.
The Malaysian ringgit was up 0.4% against the dollar. Malaysia and India have agreed to expedite the use of the ringgit and rupee in bilateral trade and investment, said Prime Minister Datuk Seri Anwar Ibrahim. Anwar said Bank Negara Malaysia and the Reserve Bank of India would continue to work closely to promote local currency settlement using the ringgit and rupee, aimed at facilitating more efficient and cost-effective transactions.
The Philippines peso was 0.3% higher against the dollar. The Bangko Sentral ng Pilipinas policy-making monetary board will have its first rate-setting meeting for this year on Feb. 19, and it is widely expected to furhter slash the central bank's key rates, which have been reduced by 200 basis points since August 2024. (Kabir Sharma)
India Rupee: Expected range for rupee - Feb 9
MUMBAI – Following are the expected support and resistance levels for the rupee on Monday, as forecast by leading banks and brokerages in an Informist poll:
| PARTICIPANT | SUPPORT | RESISTANCE |
| State-owned bank | 90.70 | 90.20 |
| Private-sector bank | 90.72 | 90.32 |
| Private-sector bank | 90.70 | 90.40 |
| Brokerage firm | 91.00 | 90.00 |
(Kabir Sharma)
End
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Rajeev Pai
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