India Rupee Review
Ends dn amid US-Iran tensions; RBI dlr sales avert 91/$
This story was originally published at 16:26 IST on 24 February 2026
Register to read our real-time news.Informist, Tuesday, Feb. 24, 2026
By Kabir Sharma
MUMBAI – The rupee ended lower against the dollar on Tuesday as market sentiment was risk averse due to rising tension between Iran and the US, dealers said. A rise in crude oil prices coupled with a rise in the dollar due to safe haven demand also weighed on the currency, dealers said.
"Tonight is going to be crucial as the next steps from US could dictate the direction of the war and that will decide the fate of the market tomorrow (Wednesday)," a dealer at a state-owned bank said.
After moving in a very narrow range of just 5 paise during the day, the rupee ended at 90.9500 a dollar Tuesday against Monday's close of 90.8825 a dollar. Other Asian currencies also lost ground against the dollar on Tuesday and were down 0.1-0.3%.
The rupee started the day lower against the dollar on the back of fresh tariff threats from US President Donald Trump on Monday. Trump cautioned nations against retracting their recently agreed trade agreements with the US after the Supreme Court nullified his emergency tariffs, saying that if they chose to do so, he would impose significantly higher tariffs under alternative trade regulations. Last week, the US Supreme Court struck down Trump's original slate of tariffs, in response to which Trump imposed a new 10% global levy under another trade law provision before increasing that to 15% on Saturday.
However, as the rupee fell towards the key 91 per dollar level, state-owned banks stepped in on behalf of the Reserve Bank of Indian to curb sudden depreciation of the Indian unit, dealers said. The central bank sold dollars throughout the session but the sales were not aggressive enough to reverse the direction of dollar-rupee, dealers said.
Later in the day, a spike in US-Iran tensions pressurised the rupee, dealers said. In a post on Truth Social, Trump refuted claims that US Joint Chiefs Chairman General Dan Caine advised him against a military confrontation with Iran. "...General Caine, like all of us, would like not to see War but, if a decision is made on going against Iran at a Military level, it is his opinion that it will be something easily won," Trump wrote.
The two countries are set to hold the third round of nuclear talks in Geneva on Thursday.
As threats from US President Donald Trump continued ahead of the talks, Iranian President Masoud Pezeshkian said, "...we continue to closely monitor US actions and have made all necessary preparations for any potential scenario."
The dollar also rose on safe haven demand after the Wall Street Journal reported that the US State Department has ordered non-essential staff to evacuate the American embassy in Beirut, Lebanon, amid expectations President Donald Trump could order strikes on Iran. This too weighed on the local currency, dealers said.
At 1544 IST, the dollar index, which measures the strength in the dollar against a basket of six major currencies, was at 97.81, compared with 97.70 Monday and 97.79 Friday.
Dealers said oil marketing companies stocked up on the currency as they were afraid of further increase in prices once US-Iran tensions escalate. This too pulled down the local currency. A fall in domestic equities also weighed on the rupee, dealers said. The Sensex and Nifty 50 ended 1.3% and 1.1% lower, respectively.
| AT 1530 IST | AT 0900 IST | HIGH | LOW | PREVIOUS(AT 1530 IST) | |
| Spot rupee per $1 | 90.9500 | 90.9225 | 90.9000 | 90.9700 | 90.8825 |
| 1-year dlr/rupee fwd (paise) | 240.74 | 245.93 | 245.93 | 240.26 | 240.48 |
FORWARDS
Dollar-rupee forward premiums ended steady on Tuesday despite a fall in US Treasury yields, dealers said. Constant pressure on the spot rupee prompted importers to buy dollars for forward delivery, which supported premiums, they said.
US Treasury yields fell on Monday as investors assessed US President Donald Trump's recent tariffs following the Supreme Court's decision to eliminate many of the duties on Friday. Trump on Monday cautioned nations against retracting their recently agreed trade agreements with the US after the Supreme Court nullified his emergency tariffs. He said if they did so, he would impose significantly higher tariffs under alternative trade regulations.
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%, unchanged from Monday's close. On an absolute basis, the premium was 240.74 paise, against 240.48 paise Monday.
OUTLOOK
On Wednesday, 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.
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.
India Rupee - World FX:Yen dn as PM Takaichi expresses concern on rate hikes
| AT 1600 IST | HIGH | LOW | PREVIOUS | |
| GBP/USD | 1.3500 | 1.3503 | 1.3471 | 1.3493 |
| EUR/USD | 1.1785 | 1.1796 | 1.1768 | 1.1785 |
| NZD/USD | 0.5964 | 0.5971 | 0.5951 | 0.5953 |
| AUD/USD | 0.7062 | 0.7074 | 0.7049 | 0.7054 |
| USD/JPY | 155.8720 | 156.2770 | 154.5310 | 154.6620 |
| USD/CAD | 1.3699 | 1.3717 | 1.3693 | 1.3695 |
| EUR/JPY | 183.7010 | 184.1900 | 182.2200 | 182.2600 |
| CHF/USD | 1.2924 | 1.2925 | 1.2876 | 1.2903 |
| EUR/CHF | 0.9118 | 0.9142 | 0.9119 | 0.9131 |
MUMBAI – The Japanese yen fell 0.8% against the dollar Tuesday after media reports that Prime Minister Sanae Takaichi expressed her concern about more rate hikes in a meeting with Bank of Japan Governor Kazuo Ueda. Takaichi took a "tougher stance" than in their previous meeting in November, the Mainichi newspaper reported, citing sources. Lower-than-expected inflation data from the country also doused expectations of a rate hike from the Bank of Japan. Data showed the headline CPI rose at an annualised pace of 1.5%, slower than 2.1% in December.
The dollar was supported by safe haven demand amid rising tensions between the US and Iran. Uncertainty over US tariffs also supported the greenback. At 1544 IST, the dollar index, which measures the strength of the dollar against a basket of six major currencies, was at 97.81, compared with 97.70 Monday and 97.79 Friday.
The euro was stable against the dollar. The European Parliament decided Monday to postpone a vote on the European Union's trade deal with the US because of President Donald Trump's new import tax. Trump Monday cautioned nations against retracting their recently agreed trade agreements with the US after the Supreme Court nullified his emergency tariffs. He said if they did so, he would impose significantly higher tariffs under alternative trade regulations.
Later Tuesday, market participants look forward to the release of ADP employment data and consumer confidence data from the US as well as a number of US Federal Reserve speakers and Trump's State of the Union address. (Kabir Sharma)
India Rupee: In thin band, RBI dlr sales avert 91/$; focus on US-Iran tension
| AT 1429 IST | AT 0900 IST | HIGH | LOW | PREVIOUS (AT 1530 IST) | |
| Spot rupee per $1 | 90.9625 | 90.9225 | 90.9000 | 90.9700 | 90.8825 |
MUMBAI – The rupee was stuck in a narrow range against the dollar on Tuesday as banks' dollar purchases for oil marketing companies was offset by their sales on behalf of the Reserve Bank of India, dealers said. The Indian unit has moved in a narrow range of 5 paise so far on Tuesday.
"They (RBI) are holding 91, as soon as they let go it will fall because oilers are buying constantly due to panic," a dealer at a state-owned bank said.
Dealers said oil marketing companies stocked up on the currency as they were afraid of further increase in prices once US-Iran tensions escalate. The two countries are set to hold the third round of nuclear talks in Geneva on Thursday. As threats from US President Donald Trump continued ahead of the talks, Iranian President Masoud Pezeshkian said, "...we continue to closely monitor US actions and have made all necessary preparations for any potential scenario."
Meanwhile, tensions between Iran and the US continued to rise as the US State Department ordered the evacuation of non-emergency personnel at the US embassy in Beirut, amid expectation that the US could order airstrikes on Iran even with another round of diplomatic talks this week.
However, state-owned banks persistently sold the greenback on behalf of the Reserve Bank of India, to limit the fall in the Indian unit below the key 91/$ level, dealers said.
For the rest of the day, the rupee is seen moving between 90.70 and 91.20 against the greenback. Dealers peg immediate technical support for the rupee at 91.00 a dollar. (Kabir Sharma)
India Rupee: Premiums up on fall in US yields, importers' forward dollar buys
| AT 1356 IST | AT 0900 IST | HIGH | LOW | PREVIOUS (AT 1530 IST) | |
| Spot rupee per $1 | 90.9450 | 90.9225 | 90.9000 | 90.9700 | 90.8825 |
| 1-year dlr/rupee fwd (paise) | 242.22 | 245.93 | 245.93 | 241.00 | 240.48 |
MUMBAI – Dollar-rupee forward premiums inched up on Tuesday tracking a fall in US Treasury yields, dealers said. Constant pressure on the spot rupee prompted importers to buy dollars for forward delivery, which also supported premiums, they said.
"It rose in the morning because of UST (US Treasury yields), now some hedging demand is also there, but it won't fly away because people are still cautious," a dealer at a brokerage firm said.
US Treasury yields fell on Monday as investors assessed US President Donald Trump's recent tariffs following the Supreme Court's decision to eliminate many of the duties on Friday. Trump on Monday cautioned nations against retracting their recently agreed trade agreements with the US after the Supreme Court nullified his emergency tariffs. He said if they did so, he would impose significantly higher tariffs under alternative trade regulations.
The spot rupee was lower against the dollar because of rising concerns around US-Iran tensions, prompting importers to book forwards, dealers said.
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 2.66%, higher than Monday's close of 2.64%. On an absolute basis, the premium was 242.22 paise, against 240.48 paise Monday. (Kabir Sharma)
India Rupee: Technical levels for rupee - Feb 24
MUMBAI – At 1241 IST, the rupee was at 90.9625 per dollar. At 0900 IST, the rupee was at 90.9225 a dollar, against the previous close of 90.8825 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 | 91.20 | 91.00 | 90.50 | 90.00 |
| Private-sector bank | - | 91.10 | 90.50 | - |
| Brokerage firm | 91.50 | 91.00 | 90.50 | 90.00 |
| Brokerage firm | 91.80 | 91.20 | 90.60 | 90.20 |
(Kabir Sharma)
India Rupee: Down as risk appetite hit on US-Iran tensions; RBI dollar sales aid
| AT 0956 IST | AT 0900 IST | HIGH | LOW | PREVIOUS (AT 1530 IST) | |
| Spot rupee per $1 | 90.9550 | 90.9225 | 90.9225 | 90.9625 | 90.8825 |
MUMBAI – The rupee was lower against the dollar on Tuesday as risk appetite took a hit due to rising tensions between the US and Iran, dealers said. A wave of fresh tariff threats from US President Donald Trump on Monday also weighed on the local currency, dealers said.
"All eyes are on Iran as there is a fear of a war," a dealer at a state-owned bank said. "Safe haven demand is pushing the greenback higher," he said.
However, some state-owned banks sold dollars on behalf of the Reserve Bank of India, which prevented the rupee from falling below the key 91 per dollar level, dealers said.
In a post on Truth Social, Trump refuted claims that US Joint Chiefs Chairman General Dan Caine advised him against a military confrontation with Iran. "...General Caine, like all of us, would like not to see War but, if a decision is made on going against Iran at a Military level, it is his opinion that it will be something easily won," Trump wrote.
Further, Trump on Monday cautioned nations against retracting their recently agreed trade agreements with the US after the Supreme Court nullified his emergency tariffs, saying that if they chose to do so, he would impose significantly higher tariffs under alternative trade regulations.
A fall in domestic equities also weighed on the rupee, dealers said. At 0955 IST, both the Sensex and Nifty 50 were down 0.9?ch.
For the rest of the day, the rupee is seen moving between 90.70 and 91.20 against the greenback. Dealers peg immediate technical support for the rupee at 91.00 a dollar. (Kabir Sharma)
India Rupee - Asia FX: Most units down on US tariffs, geopolitical tensions
MUMBAI – Most Asian currencies fell against the dollar on Tuesday as US tariffs and rising geo-political tensions dented risk appetite. The dollar index remained firm, which too weighed on the regional currencies. The US State Department has ordered nonessential staff to evacuate the American embassy in Beirut, Lebanon, amid expectations President Donald Trump could order strikes on Iran, the Wall Street Journal reported on Tuesday.
At 0931 IST, the dollar index, which measures the strength of the dollar against a basket of six major currencies, was at 97.81, compared with 97.70 Monday and 97.79 Friday.
The South Korean won was down 0.2% against the dollar. The currency was hit after Washington signaled it could pursue broader trade actions, including potential Section 301 investigations, raising concerns that Korea's key exports such as automobiles and semiconductors could face additional taxes. Market participants look forward to the Bank of Korea's montary policy later this week where the central bank is widely expected to keep its base rate unchanged at 2.50%, marking a sixth consecutive hold.
The Indonesian rupiah was down 0.3% against the dollar. Indonesia reported a 54.6 trillion rupiah budget deficit in January with spending up 26% from a year ago due to the costs of President Prabowo Subianto's free meals programme. Southeast Asia's biggest economy spent 227.3 trillion rupiah in January, up 25.7% from last year.
The Malaysian ringgit was down 0.2% against the dollar. The ringgit touched an eight-year high against the dollar on Monday buoyed by firm domestic data and a softer US growth outlook amid renewed uncertainty over Washington's tariff policies. (Kabir Sharma)
India Rupee: Expected range for rupee - Feb 24
MUMBAI – Following are the support and resistance levels expected for the rupee Tuesday, as forecast by leading banks and brokerages in an Informist Poll:
| PARTICIPANT | SUPPORT | RESISTANCE |
| State-owned bank | 91.10 | 90.80 |
| Private-sector bank | 91.00 | 90.65 |
| Private-sector bank | 91.20 | 90.60 |
| Foreign bank | 91.00 | 90.60 |
| Brokerage firm | 91.20 | 90.70 |
| Brokerage firm | 91.12 | 90.82 |
(Kabir Sharma)
End
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Akul Nishant Akhoury
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