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Informist, Monday, Feb. 23, 2026

 

By Pratiksha

 

NEW DELHI – The rupee ended off its day's high against the dollar as banks persistently bought dollars on behalf of oil marketing companies and other importers, dealers said. The Indian unit rose sharply earlier in the day as the dollar index weakened after the US Supreme Court's decision Friday to strike down a slew of President Donald Trump's tariffs, they said.

 

"Dollar-rupee opened with a gap down as there was dollar weakness after the whole tariff development, but then buying (of dollars) came in, as expected," a dealer at a state-owned bank said. "Today's move was not a surprise at all. Rupee is still at risk of breaking 91.00."

 

After hitting a high of 90.6750 a dollar in early trade, the rupee settled at 90.8825 on Monday, against 90.9825 on Friday. Other Asian currencies gained 0.2-1.0% against the greenback, with the Phillipine peso being the best performer. The Indian currency was the second worst performer among its peers on Monday, with the Chinese yuan falling 0.1% against the greenback.

 

The US Supreme Court struck down most of the tariffs announced by Trump, noting that he exceeded his authority in imposing sweeping import duties on nearly all of Washington's trading partners. Following this, Trump Saturday announced an additional 10% tariff on exports from all countries to the world's largest economy, only to increase it to 15% later in the day. At 1530 IST, the dollar index, which measures the strength in the dollar against a basket of six major currencies, was at 97.65, down from 97.79 Friday and 97.82 Thursday.

 

India and the US have postponed the scheduled three-day meeting of the chief negotiators at the last minute after the US Supreme Court ruling, as per media reports. The meeting was to be held on Monday in the US. Under the proposed India-US trade deal announced earlier this month, Washington had agreed to cut tariffs on Indian goods to 18% from 50?rlier.

 

"The tariff relief is merely from 18% to 15%, so that's not much of a relief I believe," a dealer at a private-sector bank said. "Which is why I think the rupee only reflect that much of gains as it did in the morning."

 

During the day, the Indian unit gave up a portion of its gains as banks rushed to buy dollars on behalf of oil and other importers, in order to take advantage of the relatively lower dollar-rupee levels, dealers said. The Indian unit was also weighed by dollar purchases to cover maturing positions in the non-deliverable forwards market, they said.

 

"I think we may see a lot buying (for dollars) in the coming days for NDF related maturities," a dealer at a brokerage firm said. "We have been seeing this pressure coming for the last few days. Most of these are RBI's (Reserve Bank of India) NDF contracts."

 

Some dealers said importers also bought dollars at the current dollar-rupee levels as they fear depreciation in the rupee going forward amid the ongoing geopolitical tensions between the US and Iran. Amid growing concern about the risk of military conflict between both the countries, Iran and the US will hold a third round of nuclear talks on Thursday in Geneva, Oman's Foreign Minister Badr Albusaidi said on Sunday, according to media reports.

 

Meanwhile, a rise in domestic equities supported the Indian unit, according to dealers. On Monday, the Sensex and Nifty 50 ended 0.6% higher each. 

 

	AT 1530 IST	AT 0900 IST	HIGH	LOW	PREVIOUS (AT 1530 IST)
Spot rupee per $1	90.8825	90.7600	90.6750	90.8925	90.9825
1-year dlr-rupee fwd (paise)	240.28	234.98	240.68	234.98	235.22

 

FORWARDS

Dollar-rupee forward premiums ended higher across tenures Monday, with the one-year tenure ending at an over three-week high, as the rupee's sharp rise against the dollar prompted importers to buy dollars for forward delivery, dealers said. Importers primarily bought forward dollars for near-term delivery, they said. 

 

Dealers see technical support for the one-year forward premium at 2.80%. At 1530 IST, the one-year exact period dollar-rupee forward premium was 2.65%, higher than Friday's close of 2.59%. On an absolute basis, the premium was 240.48 paise, against 235.22 paise Friday.

 

OUTLOOK

On Tuesday, the rupee is likely to take cues from movement in the dollar index amid the recent developments on the US tariffs, dealers said. The local unit may also take cues from movement in crude oil prices amid the ongoing geopolitical tensions between the US and Iran, they said. "I think market will keep on the cautious side due to the global uncertainties," a dealer at another private-sector bank said. "We don't really know how the oil will behave in the near term. Things are still fragile."

 

Dealers expect importers to continue buying dollars at every dip in the dollar-rupee, which may weigh on the Indian unit. The Indian unit may also remain under downward pressure owing to dollar purchases for NDF maturities, they said. 

 

However, they also 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. 

 

The rupee is likely to move in a range of 90.50-91.00 against the dollar. Immediate technical resistance for the domestic currency is pegged at 90.50.

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India Rupee - World FX: Dollar falls after US SC strikes down Trump tariffs

 

	AT 1520 IST	HIGH	LOW	PREVIOUS
GBP/USD	1.3515	1.3535	1.3490	1.3478
EUR/USD	1.1809	1.1834	1.1791	1.1790
NZD/USD	0.5984	0.6003	0.5975	0.5975
AUD/USD	0.7089	0.7112	0.7065	0.7078
USD/JPY	154.7670	154.9270	154.0010	155.0000
USD/CAD	1.3661	1.3678	1.3650	1.3684
EUR/JPY	182.7720	182.8307	182.1860	182.7800
CHF/USD	1.2922	1.2970	1.2913	1.2895
EUR/CHF	0.9138	0.9143	0.9122	0.9143

 

NEW DELHI – The dollar fell against major global currencies on Monday after the US Supreme Court's decision to strike down a slew of President Donald Trump's tariffs was seen as supportive of global growth. The US Supreme Court struck down most of the tariffs announced by Trump, noting that he exceeded his authority in imposing sweeping import duties on nearly all of Washington's trading partners.

 

Following this, Trump Saturday announced an additional 10% tariff on exports from all countries to the world's largest economy, only to increase it to 15% later in the day. At 1520 IST, the dollar index, which measures the strength of the dollar against a basket of six major currencies, was at 97.50, down from 97.79 Friday and 97.82 Thursday.

 

The Japanese yen rose 0.2% against the dollar while the pound sterling was up 0.3%. The Australian dollar recovered its losses from earlier in the day and was up 0.1% against the greenback. Australia's effective US tariff rate on many of its exports will rise from 10% to 15% under the new temporary duty announced by Trump.

 

The euro gained 0.1% against the US unit. The European Commission on Sunday demanded the US stick to a deal reached last year with the European Union, which includes zero tariffs on some products such as aircraft and spare parts. Further, data released on Monday showed German business morale rose more than expected in February. The Ifo institute said its business climate index rose to 88.6 in February compared to the previous month. Analysts polled by Reuters had forecast a rise to 88.4, reports said. (Pratiksha)

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India Rupee: Pares gains as importers buy dollars; weakness in dlr supports

 

	AT 1400 IST	AT 0900 IST	HIGH	LOW	PREVIOUS (AT 1530 IST)
Spot rupee per $1	90.8250	90.7600	90.6750	90.8250	90.9825

 

NEW DELHI – The rupee erased some of its early gains against the dollar as banks bought the greenback on behalf of oil marketing companies and other importers, noting the relatively lower dollar-rupee levels, dealers said. "There is general buying (of dollars) on dips (in dollar-rupee) happening," a dealer at a private-sector bank said. "But it is not a lot, so moves (of rupee) are a bit limited."

 

The Indian unit hit a high of 90.6750 a dollar in early trade as the dollar index declined after the US Supreme Court Friday struck down most of President Donald Trump's tariffs, dealers said. After the court's ruling, Trump announced 10% tariff on US imports from all countries, which, Saturday, he said he would raise to 15%, the maximum allowed under the law. Under the proposed India-US trade deal announced earlier this month, Washington had agreed to cut tariffs on Indian goods to 18% from 50?rlier.

 

At 1400 IST, the dollar index, which measures the strength of the dollar against a basket of six major currencies, was at 97.50, down from 97.79 Friday and 97.82 Thursday. A rise in domestic equities also supported the Indian unit, according to dealers. At 1400 IST, both the Nifty 50 and the BSE Sensex were up 0.3?ch. 

 

For the rest of the day, the rupee is seen moving between 90.60 and 91.00 against the greenback. Dealers peg immediate technical resistance for the rupee at 90.50 a dollar.  (Pratiksha)

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India Rupee: Premiums up as importers buy forward dollars after rupee's rise

 

	AT 1325 IST	AT 0900 IST	HIGH	LOW	PREVIOUS (AT 1530 IST)
Spot rupee per $1	90.7650	90.7600	90.6750	90.7850	90.9825
1-year dlr-rupee fwd (paise)	238.98	234.98	239.48	234.98	235.22

 

NEW DELHI – Dollar-rupee forward premiums rose across tenures Monday, with the one-year tenure hitting an over three-week high as the rupee's sharp rise against the dollar prompted importers to buy dollars for forward delivery, dealers said. The Indian currency rose sharply against the greenback as the US Supreme Court Friday struck down most of President Donald Trump's tariffs. The rupee hit a high of 90.6750 a dollar on Monday.

 

"We are seeing importers hedging, especially in the near tenures," a dealer at a private-sector bank said. "Since there is so much uncertainty on the global front, it makes sense to just book at these levels." At 1325 IST, the one-month exact period dollar-rupee forward premium was 1.90%, higher than Friday's close of 1.80%. On an absolute basis, the premium was 13.25 paise, against 12.55 paise Friday.

 

After the US Supreme Court's ruling, Trump announced a 10% tariff across-the-board. However, on Saturday, he said he will raise the temporary tariff from 10% to 15% on US imports from all countries, the maximum allowed under the law.

 

Dealers see technical support for the one-year forward premium at 2.80%. At 1325 IST, the one-year exact period dollar-rupee forward premium was 2.63%, higher than Friday's close of 2.59%. On an absolute basis, the premium was 238.98 paise, against 235.22 paise Friday.  (Pratiksha)

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India Rupee: Technical levels for rupee - Feb 23

 

NEW DELHI – At 1100 IST, the rupee was at 90.7325 per dollar. At 0900 IST, the rupee was at 90.7600 a dollar, against the previous close of 90.9825 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	91.00	90.80	90.50	90.00
Private-sector bank	-	90.90	90.40	-
Brokerage firm	90.80	90.60	90.50	90.00
Brokerage firm	91.80	91.20	90.65	-

 

(Pratiksha)

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India Rupee: Sharply up as dlr falls after US SC strikes down Trump tariffs

 

	AT 0930 IST	AT 0900 IST	HIGH	LOW	PREVIOUS (AT 1530 IST)
Spot rupee per $1	90.7325	90.7600	90.7100	90.7850	90.9825

 

NEW DELHI – The rupee rose sharply against the dollar Monday as the dollar index weakened after the US Supreme Court Friday struck down most of President Donald Trump's tariffs, dealers said. After the US Supreme Court's ruling, Trump announced a 10% tariff across-the-board. However, on Saturday, he said he will raise a temporary tariff from 10% to 15% on US imports from all countries, the maximum allowed under the law.

 

The commerce ministry Saturday said it has taken note of the US Supreme Court ruling on tariffs and was studying the developments to understand their implications. India and the US have postponed the scheduled three-day meeting of the chief negotiators at the last minute after the US Supreme Court ruling, as per media reports. The meeting was to be held on Monday in the US. Under the proposed India-US trade deal announced earlier this month, Washington had agreed to cut tariffs on Indian goods to 18% from 50?rlier.

 

"For India, the news carries mixed signals. On the positive side, the new 15% tariff is still lower than the earlier 18% level that was being negotiated. In that sense, it offers some relief," Amit Pabari, managing director at CR Forex, said in a note. "But the bigger issue is uncertainty. The tariff structure has changed twice in just a few days. That makes planning difficult for businesses and governments alike."  

 

Other Asian currencies also rose against the dollar, with the Taiwan dollar gaining the most at 0.6%, supporting the Indian currency, dealers said. At 0930 IST, the dollar index, which measures the strength of the dollar against a basket of six major currencies, was at 97.47, down compared to 97.79 Friday and 97.82 Thursday.

 

A rise in domestic equities also boosted the rupee, they said. At 0930 IST, both the Sensex and Nifty 50 were up 0.8?ch. However, gains for the Indian unit may be limited as dealers expect importers to purchase dollars, in order to make the most the relatively lower dollar-rupee levels. "I am expecting only short-term relief for rupee from the new tariff news," a dealer at a state-owned bank said. "Eventually, buy (dollars) on dips (in dollar-rupee) will take over the market."

 

For the rest of the day, the rupee is seen moving between 90.50 and 91.00 against the greenback. Dealers peg immediate technical resistance for the rupee at 90.50 a dollar.  (Pratiksha)

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India Rupee - Asia FX: Most up as dollar dn after US SC scraps Trump tariffs

 

NEW DELHI – Most Asian currencies rose against the dollar Monday as the dollar index weakened after the US Supreme Court Friday struck down most of President Donald Trump's tariffs. After the Supreme Court's judgement, Trump announced a 10% tariff across-the-board. However, on Saturday, he said he will raise a temporary tariff from 10% to 15% on US imports from all countries, the maximum allowed under the law. Market participants in Asia are assessing the fresh tariff uncertainties. 

 

At 0855 IST, the dollar index, which measures the strength of the dollar against a basket of six major currencies, was at 97.47, down compared to 97.79 Friday and 97.82 Thursday. The Taiwan dollar was up 0.5% against the dollar, the most amongst its Asian peers, while the Phillipine peso and Indonesian rupiah followed with a gain of 0.4%.

 

Both the Thai baht and Malaysian ringgit were up 0.3% while the South Korean won was up 0.1%. South Korea will continue holding "amicable" discussions with the US on tariff issues to safeguard the favourable export conditions secured through its bilateral trade deal with the US, Kim Jung-kwan, South Korea's trade and industry minister said Monday.

 

Bucking the trend, the Chinese yuan was down 0.1% against the greenback. China is making a complete assessment of the US Supreme Court's tariff ruling and urged Washington to lift relevant unilateral tariff measures on its trading partners, the Chinese commerce ministry said in a statement on Monday.  (Pratiksha)

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India Rupee: Expected range for rupee - Feb 23

 

NEW DELHI – 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	90.90	90.40
Private-sector bank	90.90	90.55
Private-sector bank	90.95	90.60
Foreign bank	90.90	90.40
Brokerage firm	91.00	90.60
Brokerage firm	90.85	90.55

 

 

 

 

 

 

 

 

 

 

(Pratiksha)

 

End

 

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

 

Edited by Akul Nishant Akhoury

 

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