India Rupee Review
At 3-week low; RBI's active intervention prevents 91/$1
This story was originally published at 17:11 IST on 20 February 2026
Register to read our real-time news.Informist, Friday, Feb. 20, 2026
By Pratiksha
NEW DELHI – The rupee ended at a near three-week low against the dollar amid weak risk appetite among investors owing to geopolitical tensions between the US and Iran, dealers said. However, the Reserve Bank of India's active dollar sales prevented the Indian unit from falling past the key 91.00 per dollar mark, they said.
"RBI allowed rupee to fall, but only to a certain extent," a dealer at a state-owned bank said. "I am not expecting 91.00 to hold on for long. Although we may see resistance around that level for some days."
The rupee settled at 90.9825 a dollar on Friday, almost 0.4% lower than its previous close of 90.6675. The Indian currency was the worst-performing among its Asian peers on Friday. Other Asian currencies moved on a mixed note, with the Malaysian ringgit being the best performer
The Indian currency opened weaker against the dollar, tracking a fall in the offshore non-deliverable forwards market, dealers said. The rupee fell to 91.19 in the non-deliverable forwards market Thursday. The spot market was closed on Thursday. The central bank had intervened in the NDF market shortly before the spot market opened, helping the rupee to open above 91.00 in the spot market, dealers said.
The Indian unit was weighed down by a jump in crude oil prices amid rising geopolitical tensions between the US and Iran, they said. Oil prices hovered near six-month highs on Friday, heading for their first weekly gain in three weeks on growing concerns that a conflict may erupt after Washington threatened that Tehran will suffer if it does not agree to a deal on its nuclear activity in a matter of days.
US President Donald Trump said on Thursday that "really bad things" would happen if Iran does not come to an agreement to curtail its nuclear programme. Trump set a deadline of 10 to 15 days. Iran, meanwhile, has planned a joint naval exercise with Russia, days after temporarily closing the Strait of Hormuz for military drills, according to reports.
At 1530 IST, the April Brent crude contract on the Intercontinental Exchange was at $71.25 per barrel, against its previous close of $71.66 and Wednesday's $70.35 per barrel. Prices hit a high of $72.34 earlier in the day and have risen almost 5% this week.
Further, the dollar index rose owing to a slew of better-than-expected economic data and a more hawkish Federal Reserve rate outlook, weighing on the Indian unit. Geopolitical tensions between the US and Iran also lent the dollar some safe-haven support. At 1530 IST, the dollar index, which measures the strength of the dollar against a basket of six major currencies, was at 97.91, compared with 97.82 Thursday and 97.70 Wednesday.
However, the RBI also supported the rupee in the spot market, dealers said, ensuring it did not fall below 91 throughout the day. The RBI likely sold around $1 billion to $1.5 billion in the spot market on Friday, according to dealers.
Further, some banks bought dollars on behalf of importers who fear further rupee weakness, which also weighed on the local unit, dealers said. "Going by what is happening on the global front, the bias for rupee is of depreciation," a dealer at a foreign bank said. "Buying (of dollars) on dips (in dollar-rupee) sentiment will continue."
| AT 1530 IST | AT 0900 IST | HIGH | LOW | PREVIOUS(AT 1530 IST) | |
| Spot rupee per $1 | 90.9825 | 90.9400 | 90.9125 | 90.9875 | 90.6675 |
| 1-year dlr-rupee fwd (paise) | 235.22 | 231.72 | 235.67 | 231.00 | 229.50 |
FORWARDS
Dollar-rupee forward premiums ended higher across tenures Friday as the rupee's sharp fall against the dollar prompted importers to buy dollars for forward delivery, in fear that the Indian currency may fall more, dealers said.
Market participants are now awaiting the US core personal consumption expenditures price index and advance GDP estimate for the fourth quarter, which will be released later in the day, for further cues on the US Federal Reserve's rate trajectory. Investors continue to price in roughly two Fed rate cuts this year, though expectations of a June rate cut have declined to about 58% from 62% a week ago, according to the CME FedWatch tool.
At 1530 IST, the one-year exact period dollar-rupee forward premium was 2.59%, higher than Wednesday's close of 2.53%. On an absolute basis, the premium was 235.22 paise, against 229.50 paise Wednesday.
OUTLOOK
On Monday, the rupee is likely to take cues from movement in the dollar index and crude oil prices amid the growing geopolitical tensions between the US and Iran, dealers said. "A lot will depend on what happens over the weekend on the Iran front," a dealer at a state-owned bank said. "There are chances of the issue escalating. Pressure on the rupee may remain."
However, dealers expect the RBI to continue to prevent the Indian unit from falling past the key 91.00 mark. If the domestic unit falls below 91.00, they expect it to drop to 91.50 shortly.
Further, they expect importers to continue buying dollars at every dip in the dollar-rupee, which may weigh on the Indian unit. The rupee is likely to move in a range of 90.60-91.20 against the dollar. Immediate technical support for the domestic currency is pegged at 91.00.
India Rupee - World FX:Dollar index up on strong econ data, US-Iran tensions
| AT 1512 IST | HIGH | LOW | PREVIOUS | |
| GBP/USD | 1.3474 | 1.3479 | 1.3436 | 1.3466 |
| EUR/USD | 1.1765 | 1.1778 | 1.1744 | 1.1774 |
| NZD/USD | 0.5960 | 0.5975 | 0.5938 | 0.5969 |
| AUD/USD | 0.7060 | 0.7067 | 0.7016 | 0.7057 |
| USD/JPY | 155.4310 | 155.6440 | 154.8900 | 154.9790 |
| USD/CAD | 1.3686 | 1.3703 | 1.3681 | 1.3680 |
| EUR/JPY | 182.8686 | 183.0500 | 182.2240 | 182.4650 |
| CHF/USD | 1.2895 | 1.2907 | 1.2872 | 1.2899 |
| EUR/CHF | 0.9123 | 0.9142 | 0.9116 | 0.9123 |
NEW DELHI – The dollar index remained strong owing to a slew of better-than-expected economic data and a more hawkish Federal Reserve rate outlook. Geopolitical tensions between the US and Iran also lent the dollar some safe-haven support.
US President Donald Trump warned Iran on Thursday it must make a deal over its nuclear programme or "really bad things" would happen, and set Tehran a deadline of 10 to 15 days to cooperate. Iran said it would retaliate against US bases in the region if attacked.
Data Thursday showed initial claims for state unemployment benefits in the US dropped 23,000 to a seasonally adjusted 206,0000 for the week ended Feb. 14, the Labor Department said on Thursday. Economists polled by Reuters had forecast 225,000 claims for the latest week. Last week's drop marked a signficant decline in claims since they jumped to 232,000 at the end of January.
At 1510 IST, the dollar index, which measures the strength in dollar against a basket of six major currencies, was at 97.90, compared with 97.82 Thursday and 97.70 Wednesday.
The euro was down 0.1% against the dollar owing to uncertainty over European Central Bank President Christine Lagarde's tenure. The Financial Times reported on Wednesday that Lagarde planned to leave her job early ahead of next year's French presidential election.
The yen, meanwhile, was down 0.4% against the dollar after data Friday showed the country's annual core consumer inflation hit 2.0% in January, the slowest pace in two years. The pound sterling was down 0.1% against the US unit while the Australian dollar was up 0.1%. (Pratiksha)
India Rupee: Premiums rise as importers hedge on fear rupee may fall more
| AT 1352 IST | AT 0900 IST | HIGH | LOW | PREVIOUS(AT 1530 IST) | |
| Spot rupee per $1 | 90.9700 | 90.9400 | 90.9125 | 90.9800 | 90.6675 |
| 1-year dlr-rupee fwd (paise) | 233.22 | 231.72 | 234.72 | 231.00 | 229.50 |
NEW DELHI – Dollar-rupee forward premiums rose across tenures Friday as the rupee's sharp fall against the dollar prompted importers to buy dollars for forward delivery, in fear that the Indian currency may fall more, dealers said. "Rupee was down in NDF (non-deliverable forwards) market itself. Such paying was mostly expected," a dealer at a private-sector bank said.
The rupee fell to a low of 90.9800 a dollar on Friday, just shy of the key 91.00 mark, due to a jump in crude oil prices and rise in the dollar because of rising tensions between the US and Iran, dealers said. The Reserve Bank of India likely stepped in through dollar sales, which ensured the rupee does not fall past the key level, they said.
Market participants are now waiting for the US core personal consumption expenditures price index and advance GDP estimate for the fourth quarter, which will be released later in the day, for further cues on the US Federal Reserve's rate trajectory. Investors continue to price in roughly two Fed rate cuts this year, though expectations for such a move in June have declined to a roughly 58% chance from 62% a week ago, according to the CME FedWatch tool.
At 1352 IST, the one-year exact period dollar-rupee forward premium was 2.56%, higher than Wednesday's close of 2.53%. On an absolute basis, the premium was 233.22 paise, against 229.50 paise Wednesday. (Pratiksha)
India Rupee: Slumps on high oil prices, firm dlr; RBI dlr sales avert 91/$
| AT 1202 IST | AT 0900 IST | HIGH | LOW | PREVIOUS(AT 1530 IST) | |
| Spot rupee per $1 | 90.9400 | 90.9400 | 90.9125 | 90.9750 | 90.6675 |
MUMBAI – The rupee was sharply lower against the dollar but did not breach 91/$ level as some state-owned banks sold the greenback on behalf of the Reserve Bank of India to prevent runaway depreciation in the Indian unit, dealers said.
"They (RBI) are the only ones protecting 91 as a lot of importer and oiler (oil marketing companies) bids are there" a dealer at a state-owned bank said. "If it falls from here, it won't stop before 91.20," he said.
The Indian unit fell overnight in the non-deliverable forwards market due to a surge in crude oil prices amid rising geo-political tensions between the US and Iran, dealers said.
A recovery in the dollar index also weighed on the local currency, dealers said. The dollar surged on Friday as markets awaited data scheduled for later in the day for cues regarding the possible timing of interest rate reductions by the the US Federal Reserve, dealers said.
For the rest of the day, the rupee is seen moving between 90.80 and 91.20 against the greenback. Dealers peg immediate technical support for the rupee at 91.20 a dollar. (Kabir Sharma)
India Rupee: Technical levels for rupee - Feb 20
MUMBAI – At 1152 IST, the rupee was at 90.9300 per dollar. At 0900 IST, the rupee was at 90.9400 a dollar, against the previous close of 90.6675 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 |
| State-owned bank | 91.40 | 91.20 | 90.60 | 90.20 |
| Private-sector bank | 91.50 | 91.20 | 90.50 | 90.20 |
| Brokerage firm | 91.20 | 91.00 | 90.20 | 90.00 |
| Brokerage firm | 92.00 | 91.00 | 90.20 | 89.60 |
(Kabir Sharma)
India Rupee - Asia FX: Most units dn; dlr up on hawkish Fed, US-Iran worries
MUMBAI – Most Asian currencies fell against the dollar on Friday as the dollar remained firm on the back of hawkish minutes from the Federal Open Market Commitee's January meeting and due to rising geo-political tensions between the US and Iran.
On Friday, the dollar was set to conclude its best weekly performance since October, supported by a series of encouraging economic reports, a more aggressive stance from the Federal Reserve, and as ongoing tensions between the US and Iran that kept markets anxious. Overnight, the dollar received a boost after reports indicated that the number of Americans submitting new unemployment benefit applications declined more than anticipated last week, highlighting labor market stability.
The Philippines peso fell the most and was down 0.2% against the dollar. Philippine central bank Governor Eli Remolona on Friday emphasised that decision-makers encounter a "significant level of uncertainty" that may complicate their choices. The central bank of the Philippines lowered its key rate for the sixth consecutive time on Thursday to boost growth.
The Thai baht was down 0.1% against the dollar. Thailand is poised for its first annual drop in tourist arrivals in a decade outside the pandemic after multiple crises hurt the confidence of holidaymakers. It had welcomed 32.6 million foreign travellers as of Dec. 28, the Ministry of Tourism and Sports said. That represents a more than 7% drop from the same period last year.
The Taiwan dollar was down 0.2% against the dollar, while the offshore Chinese yuan was down 0.1%. Bucking the trend, the South Korean won rose 0.2% against the greenback. (Kabir Sharma)
India Rupee: Slumps tracking fall in NDF; surge in oil prices, dlr weighs
| AT 0948 IST | AT 0900 IST | HIGH | LOW | PREVIOUS(AT 1530 IST) | |
| Spot rupee per $1 | 90.9600 | 90.9400 | 90.9225 | 90.9750 | 90.6675 |
MUMBAI – The rupee was sharply lower against the dollar on Friday tracking a fall in the offshore non-deliverable forwards market, dealers said. The rupee fell to 91.19 in the non-deliverable forwards market Thursday, around 20 paise lower than the spot market.
However, some banks sold dollars on behalf of the Reserve Bank of India in the offshore market which pulled the rupee above the 91/$ level at opening, dealers said. "They sold massively in NDF, we expected it (dollar/rupee) to rise more at open but they brought it down by 20 paise," a dealer at a private bank said.
Market participants will now be watchful of intervention by the RBI in the spot market as well. Dealers, however, expect banks to rush to buy dollars on behalf of importers at any dip in the dollar-rupee levels, which may weigh on the Indian unit.
The rupee was pressurised by a surge in crude oil prices amid rising geo-political tensions between the US and Iran, dealers said. US President Donald Trump cautioned Iran on Thursday that it needs to come to an agreement regarding its nuclear programme or face "bad consequences". During the inaugural meeting of the "Board of Peace" in Washington, Trump suggested a roughly 10-15-day timeline for Iran to agree to a new deal, indicating that the US might take further action if negotiations fail.
A recovery in the dollar index also weighed on the local currency, dealers said. The dollar surged on Friday as markets awaited data scheduled for later in the day for cues regarding the possible timing of interest rate reductions by the the US Federal Reserve, dealers said.
For the rest of the day, the rupee is seen moving between 90.80 and 91.20 against the greenback. Dealers peg immediate technical support for the rupee at 91.20 a dollar. (Kabir Sharma)
India Rupee: Expected range for rupee - Feb 20
MUMBAI – Following are the expected support and resistance levels for the rupee on Friday, as forecast by leading banks and brokerages in an Informist poll:
| PARTICIPANT | SUPPORT | RESISTANCE |
| State-owned bank | 91.20 | 90.80 |
| Private-sector bank | 91.35 | 90.85 |
| Private-sector bank | 91.50 | 90.50 |
| Brokerage firm | 91.30 | 90.70 |
(Kabir Sharma)
End
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Saji George Titus
For users of real-time market data terminals, Informist news is available exclusively on the NSE Cogencis WorkStation.
Cogencis news is now Informist news. This follows the acquisition of Cogencis Information Services Ltd. by NSE Data & Analytics Ltd., a 100% subsidiary of the National Stock Exchange of India Ltd. As a part of the transaction, the news department of Cogencis has been sold to Informist Media Pvt. Ltd.
Informist Media Tel +91 (22) 6985-4000
Send comments to feedback@informistmedia.com
© Informist Media Pvt. Ltd. 2026. All rights reserved.
To read more please subscribe
Share this Story:
