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Informist, Tuesday, Feb. 10, 2026

 

By Kabir Sharma

 

MUMBAI – The rupee ended higher against the dollar as banks sold dollars for foreign fund inflows into Indian equities, dealers said. Some traders sold dollars around the daily reference rate as it was at a discount, which also supported the rupee, dealers said. 

 

"It's a simple buy (dollars) on dips and sell on upticks market now," a dealer at a state-owned bank said. "Unless there are no surprises and FII flows continue, it should be in a range," he said. 

 

After opening higher and hitting a high of 90.4775 a dollar during the day, the rupee settled at 90.5775, against 90.7575 Monday. The currency moved in a broad range of 30 paise during the day.

 

The rupee was also supported by a surge in other Asian currencies, including the Chinese yuan, dealers said. The yuan's central parity rate strengthened to 6.9523 against the US dollar on Monday, according to the China Foreign Exchange Trade System. It marks the currency's strongest level since May 2023. Other Asian currencies rose by 0.1-0.4% against the dollar. 

 

After the initial hour of trade, the rupee started moving lower against the dollar as importers bought the greenback, noting the attractive levels, dealers said. As the rupee rose to the day's high of 90.4775 a dollars banks stepped in on behalf of importers to stock up on the greenback, they said. 

 

A couple of hours into the session they day's reference rate was fixed around 90.66 a dollar, which was lower than the spot rate of 90.60 a dollar at around 1200 IST. This led banks to sell dollars, given the spread between the fixing and the spot rate. The reference rate is the daily benchmark used to settle contracts and often attracts concentrated dollar buying or selling around the fix.

 

Positive momentum from the India-US trade deal also supported the rupee, dealers said. India and the US Saturday released a joint statement on the trade deal, under which the US has committed to cutting reciprocal tariffs on Indian goods to 18%. The White House also issued an executive order to eliminate the 25% punitive tariffs imposed on India in response to New Delhi's strategic relations with Russia. 

 

The improvement in sentiment after the announcement of the trade deal has led to foreign fund inflows into India, which have supported the rupee, dealers said. Foreign investors have net bought $388.39 million worth of shares on Indian bourses so far in February.

 

The rupee was also supported by a broad-based weakness in the dollar index ahead of multiple key data releases. Federal Reserve Governor Stephen Miran said on Monday that a weak dollar isn't much of an issue for the central bank right now. "I don't view it as something that sort of had material consequences for monetary policy thus far," he said.

 

Traders await the release of the US retail sales data later on Tuesday for fresh impetus. On Wednesday, attention will shift to the delayed January employment report. Markets expect non-farm payrolls to increase by 70,000 in January, with the unemployment rate holding at 4.4%. Any signs of improvement in the US labour market could help limit the greenback's near-term losses. The US consumer price index reading for January, which was also postponed, is set to be released on Friday.

 

	AT 1530 IST	AT 0900 IST	HIGH	LOW	PREVIOUS(AT 1530 IST)
Spot rupee per $1	90.5775	90.7100	90.4775	90.7800	90.7575
1-year dlr/rupee fwd (paise)	226.38	226.40	227.62	222.90	227.14

 

FORWARDS

Dollar-rupee forward premiums fell across most tenures Tuesday as banks sold forward dollars, noting comfortable 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 the liquidity surplus – rose to INR 3.11 trillion on Monday from INR 2.97 trillion on Sunday, according to the latest data. Surplus liquidity in the banking system had risen to a six-month high of INR 3.62 trillion on Friday

 

Some banks' dollar purchases for forward delivery on behalf of importers, noting the appreciation of the rupee, limited the decline in forward premiums, they said. The rupee rose sharply to a high of 90.4775 a dollar on Tuesday.

 

After hitting a low of 2.46?rlier in the day, the one-year exact period dollar-rupee forward premium ended at 2.50% at 1530 IST, unchanged from the previous close of 2.50%. On an absolute basis, the premium was 226.38 paise, against 227.14 paise Monday. 

 

OUTLOOK

On Wednesday, 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 the rupee appreciates. They will also be watchful of the RBI's intervention through dollar purchases if the Indian unit rises to near 90.00 per dollar, dealers 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 the deal's fine print. 

 

The rupee is likely to move in a range of 90.20-91.00 against the dollar Wednesday. Immediate technical support for the domestic currency is pegged at 91.00.  

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India Rupee - World FX: Yen rallies for 2nd day in row; dollar recovers

 

	AT 1435 IST	HIGH	LOW	PREVIOUS
GBP/USD	1.3677	1.3698	1.3664	1.3693
EUR/USD	1.1913	1.1918	1.1897	1.1915
NZD/USD	0.6046	0.6055	0.6034	0.6054
AUD/USD	0.7076	0.7093	0.7065	0.7092
USD/JPY	155.4560	156.2910	155.0910	155.8750
USD/CAD	1.3564	1.3570	1.3549	1.3554
EUR/JPY	185.1990	185.9910	184.6760	185.7300
CHF/USD	1.3052	1.3060	1.3025	1.3048
EUR/CHF	0.9127	0.9140	0.9124	0.9128

 

MUMBAI – The Japanese yen rose against the dollar on Tuesday on continued momentum from Monday after Japanese Prime Minister Sanae Takaichi's party won the election. A surge in the regional benchmark indices which were driven to record highs by "Takaichi trade", also supported the yen. The yen rose 0.2% against the dollar on Tuesday.  

 

The pound sterling fell 0.2% against the dollar. The currency fell following the resignation of Prime Minister Keir Starmer's chief of staff Morgan McSweeney over the weekend. The departure has intensified scrutiny of Starmer's leadership and unsettled investors. The incident has also revived attention on Starmer's decision to appoint Peter Mandelson as the UK's ambassador to Washington, with renewed focus on Mandelson's past links to Jeffrey Epstein adding to the concerns.

 

The euro was up 0.1% against the dollar. Eurozone inflation is expected to stabilise at the European Central Bank's 2% target after dipping below it this year, but the environment remains uncertain, President Christine Lagarde said on Monday. "Our updated assessment reconfirmed that inflation should stabilise at our 2% target in the medium term," she told European lawmakers in Strasbourg. "In the current uncertain environment, our data-dependent, meeting-by-meeting approach to monetary policy serves us well."

 

The dollar recovered ahead of the release of retail sales data, due later Tuesday. At 1433 IST, the dollar index, which measures the dollar's strength against a basket of six major currencies, was at 96.87, compared with 96.87 Monday and 97.68 Friday.

 

Federal Reserve Governor Stephen Miran said on Monday that a weak dollar isn't much of an issue for the central bank right now. "I don't view it as something that sort of had material consequences for monetary policy thus far," he said.

 

Traders await the release of the US Retail Sales data later on Tuesday for fresh impetus. On Wednesday, the attention will shift to the delayed employment report for January. Markets expect nonfarm payrolls to increase by 70,000 in January, with the unemployment rate holding at 4.4%. Any signs of improvement in the US labour market could help limit the greenback's losses in the near term. (Kabir Sharma)

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India Rupee: Premiums on most tenures fall as liquidity surplus comfortable

 

	AT 1330 IST	AT 0900 IST	HIGH	LOW	PREVIOUS(AT 1530 IST)
Spot rupee per $1	90.5500	90.7100	90.5500	90.7800	90.7575
1-year dlr-rupee fwd (paise)	226.12	226.40	226.62	222.90	227.14

 

MUMBAI – Dollar-rupee forward premiums fell across most tenures Tuesday as banks sold forward dollars noting comfortable 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 the liquidity surplus -- rose to INR 3.11 trillion on Monday from INR 2.97 trillion on Sunday, according to the latest data. Surplus liquidity in the banking system had risen to a six-month high of INR 3.62 trillion on Friday.

 

"We are seeing receiving in the near forwards, as liquidity impact is seen mostly there. Its affect is visible on the far-ends as well," a dealer at a state-owned bank said. Systemic liquidity increased on Monday as cash balances with the RBI fell and banks parked more money at the standing deposit facility. Inflows from the RBI's open market operations auction and dollar-rupee buy-sell swap also boosted the liquidity in the system earlier.

 

"There was expectation that RBI may do VRRRs (variable rate reverse repo), but they've not announced it. I think forwards will keep coming down if they keep delaying it. INR will stay in surplus right now," a dealer at a foreign bank said. Meanwhile, some banks' dollar purchases for forward delivery, on behalf of importers, noting appreciation of the rupee, limited the fall of forward premiums, they said. The rupee rose sharply to a high of 90.5200 a dollar on Tuesday.

 

After hitting a low of 2.46?rlier in the day, the one-year exact period dollar-rupee forward premium was at 2.49% at 1330 IST, slightly lower than the previous close of 2.50%. On an absolute basis, the premium was 226.12 paise, against 227.14 paise Monday. (Pratiksha)

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India Rupee: Rises further on fixing related dlr sales; weak dlr supports

 

	AT 1245 IST	AT 0900 IST	HIGH	LOW	PREVIOUS(AT 1530 IST)
Spot rupee per $1	90.6050	90.7100	90.5500	90.7800	90.7575

 

MUMBAI – The rupee rose against the dollar on Tuesday as banks sold the greenback near the daily reference fixing rate, which was at a discount, dealers said. "Daily reference rate is around 90.65 (a dollar) offering discount over actual spot which is pusing traders to sell at fixing rates," a dealer at a private sector bank said. 

 

In the spot market, the rupee rose to a high of 90.55 a dollar, making the reference price attractive for greenback sellers, dealers said. 

 

The Indian unit was also supported by banks' dollar sales for foreign fund inflows into Indian equities, dealers said. A broadly weak dollar and positive sentiment around the India-US trade deal also supported the rupee, they added. 

 

The Indian rupee also strengthened tracking gains in the the offshore Chinese yuan, dealers said. The yuan's central parity rate strengthened to 6.9523 against the US dollar on Monday, according to the China Foreign Exchange Trade System. It marks the currency's strongest level since May 2023.

 

Market participants await the release of retail sales data from the US and speeches by US Federal Reserve officials, due later in the day. 

 

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) 

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India Rupee: Technical levels for rupee - Feb 10

 

MUMBAI – At 1130 IST, the rupee was at 90.5825 per dollar. At 0900 IST, the rupee was at 90.7100 a dollar, against the previous close of 90.7575 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	90.80	90.75	90.30	90.25
Foreign bank	91.00	90.80	90.20	90.00
Brokerage firm	91.30	91.00	90.00	89.50
Brokerage firm	91.20	91.00	90.20	90.00

 

(Pratiksha)

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India Rupee: Rises on banks' dlr sales for FX inflows, surge in Chinese yuan

 

	AT 0944 IST	AT 0900 IST	HIGH	LOW	PREVIOUS(AT 1530 IST)
Spot rupee per $1	90.6850	90.7100	90.6650	90.7800	90.7575
1-year dlr/rupee fwd (paise)	223.64	226.40	226.40	222.90	227.14

 

MUMBAI – The rupee was higher against the dollar on Tuesday as banks sold the greenback for foreign fund inflows into Indian equities, dealers said. A surge in the Chinese yuan against the dollar also supported the Indian currency, they said. 

 

"Inflows are consistent and dollar supply is improving," a dealer at a foreign bank said. "The yuan is rallying so much against the dollar it is taking peers with it," he said. 

 

Dealers expect dollar sales to continue for foreign fund inflows into Indian equities, which support the rupee. Foreign investors net bought $388.39 million worth of shares on Indian bourses in Feburaury so far.

 

The Indian rupee strengthened, tracking gains in the the offshore Chinese yuan, dealers said. The yuan's central parity rate strengthened to 6.9523 against the US dollar on Monday, according to the China Foreign Exchange Trade System. It marks the currency's strongest level since May 2023.

 

Market participants await the release of retail sales data from the US and speeches by US Federal Reserve officials, due later in the day. 

 

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)

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India Rupee - Asia FX: Most firm as local stocks gain on better risk appetite

 

MUMBAI – Most Asian currencies were firm against the US dollar on Tuesday as regional stock indices extended gains, led by a strong performance in Japan and improving risk appetite. Asian equities climbed for a second straight session, with Japan's Nikkei 225 hitting a fresh record high, bolstered by political stability after Prime Minister Sanae Takaichi's decisive election victory and renewed investor confidence in fiscal support for growth.

 

The dollar hovered near recent lows ahead of key US economic data later this week that could shape expectations from the Federal Reserve. A softer dollar supported several Asian currencies, although gains were limited amid cautioun ahead of the delayed US employment data releases.

 

At 0811 IST, the dollar index, which measures the dollar's strength against a basket of six major currencies, was at 96.87, compared with 96.87 Monday and 97.68 Friday.
 

The Indonesian rupiah was up 0.1% against the dollar. Indonesia's former Deputy Minister of Finance Thomas Djiwandono was sworn in as Deputy Governor of Bank Indonesia on Monday. Starting Monday, the central bank will no longer provide weekly foreign capital flow data reports. Bank Indonesia will only report developments in Bank Indonesia Rupiah Securities ownership, it said. 

 

The offshore Chinese yuan was 0.3% higher against the dollar. The yuan's central parity rate strengthened to 6.9523 against the US dollar on Monday, according to the China Foreign Exchange Trade System. It marks the currency's strongest level since May 2023. 

 

The Malaysian ringgit was 0.3% higher against the greenback. The ringgit traded higher against the US dollar after Malaysia's December industrial production index came in above market expectations, signalling that the domestic economy remains on a firm footing. (Kabir Sharma)

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India Rupee: Expected range for rupee - Feb 10

 

MUMBAI – Following are the expected support and resistance levels for the rupee on Tuesday, as forecast by leading banks and brokerages in an Informist poll:

 

PARTICIPANT	SUPPORT	RESISTANCE
State-owned bank	90.70	90.20
Private-sector bank	90.80	90.50
Private-sector bank	90.90	90.35
Brokerage firm	91.00	90.00
Brokerage firm	90.75	90.35

 

 

 

 

 

 

 

 

(Kabir Sharma)

 

End

 

IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT

 

Edited by Saji George Titus

 

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