India Rupee Review
Off highs on banks' dlr buys for oil cos, NDF expiry
This story was originally published at 17:33 IST on 24 March 2026
Register to read our real-time news.Informist, Tuesday, Mar. 24, 2026
By Kabir Sharma
MUMBAI – The rupee ended off-highs against the dollar Tuesday as banks persistently bought dollars on behalf of oil marketing companies, dealers said. Dollar demand from banks related to maturity of non-deliverable forwards contracts also weighed on the local currency, they said.
"They (oil marketing companies) bought throughout the day as these levels were good considering the kind of days that we have seen last week," a dealer at a state-owend bank said. Brent crude May futures were at $100.26 per barrel at 1558 IST, compared to $99.94 per barrel on Monday and $112.19 per barrel on Friday.
The rupee moved in a 28 paise range on Tuesday and closed at 93.8650 a dollar against Monday's close of 93.9750 a dollar. The rupee fell past the psychologically crucial 94-per-dollar mark to 94.11 in off-hours trading on Monday after the spot market closed. Other Asian currencies fell 0.1-1.0% against the dollar Tuesday, with the Thai baht being the worst hit.
The Indian unit started the day sharply higher against the dollar as crude oil prices tumbled after US President Donald Trump Monday said he had ordered the military to postpone strikes against Iranian power plants for five days following "productive conversations" with Tehran, dealers said.
"I am please to report that the United States Of America, and the country of Iran, have had, over the last two days, very good and productive conversations regarding a complete and total resolution of our hostilities in the Middle East," Trump said Monday in a post on Truth Social. However, Iran's parliamentary speaker said that no talks had been held with the US, contradicting Trump's statement, reports said.
Crude oil prices slipped around 11% on Monday after Trump's remarks. However, after Iran's denial of claims by Trump, crude prices rose almost 4% in early trade Tuesday, limiting gains for the Indian unit, dealers said.
A sharp rise in domestic equities, tracking similar moves on Wall Street, supported the Indian currency, according to dealers. The Nifty 50 ended 1.8% higher and the Sensex ended around 1.9% higher on Tuesday.
However, the comparatively lower dollar-rupee levels prompted importers to stock up on the greenback and crude oil due to uncertainty over the future trajectory of prices, dealers said. As the rupee touched the day's high of 93.6300 a dollar, oil marketing companies stepped in to purchase the greenback, dealers said.
FORWARDS
The one-year dollar-rupee forward premium fell Tuesday as the Reserve Bank of India likely sold dollars for long-tenure forward delivery to neutralise the impact of its recent spot interventions and avoid pushing out rupee liquidity, dealers said. The RBI likely sold forward dollars for maturity in June 2027, some dealers said.
Considering spot dollar sales push out rupee liquidity from the banking system, the RBI conducts buy-sell swaps to replenish liquidity. A buy-sell swap entails buying dollars for immediate delivery and entering into a contract to sell these at a future date, thereby postponing the drain on systemic liquidity.
Meanwhile, banks bought dollars for forward delivery on behalf of importers, noting the appreciation of the rupee in the spot market, which limited losses for the premiums, dealers said. The rupee rose sharply to a high of 93.6300 a dollar earlier in the day on hope of a potential de-escalation in the ongoing hostilities in West Asia.
At 1530 IST, the one-year exact period dollar-rupee forward premium was 2.83%, lower than Monday's close of 2.90%. On an absolute basis, the premium was 266.93 paise, against 272.36 paise Monday.
OUTLOOK
On Wednesday, the rupee will take cues from the movement in crude oil prices as the conflict in West Asia continues to evolve, dealers said. The local currency will also track movement of the dollar index, they said.
"Despite some positive signals on de-escalation, the currency remains under pressure amid sustained global uncertainty. The rupee is expected to trade in a weak range of 93.25–94.25 (a dollar), with downside bias likely to persist until clear progress in Iran peace talks emerges," said Jateen Trivedi, VP research analyst - commodity and currency, LKP Securities.
Dealers expect oil companies and other importers to continue buying dollars at every dip in the dollar-rupee pair, which may weigh on the Indian currency. Most dealers expect the central bank to intervene through dollar sales in case the Indian unit comes under extreme pressure. They expect the RBI to continue protecting the 94.00 level in the spot market.
Dealers now see strong technical support for the Indian currency at 94.00 a dollar. The rupee is likely to move in a range of 93.50-94.00 against the dollar Wednesday.
[I] India Rupee - World FX: Yen falls on lower than expected CPI; dlr index firm
Informist, Tuesday, Mar. 24, 2026
| AT 1531 IST | HIGH | LOW | PREVIOUS | |
| GBP/USD | 1.3402 | 1.3445 | 1.3381 | 1.3431 |
| EUR/USD | 1.1594 | 1.1618 | 1.1576 | 1.1613 |
| NZD/USD | 0.5827 | 0.5866 | 0.5816 | 0.5849 |
| AUD/USD | 0.6969 | 0.7024 | 0.6954 | 0.7002 |
| USD/JPY | 158.6520 | 158.7910 | 158.2800 | 158.3990 |
| USD/CAD | 1.3742 | 1.3762 | 1.3723 | 1.3713 |
| EUR/JPY | 183.9390 | 184.0600 | 183.6340 | 183.9600 |
| CHF/USD | 1.2711 | 1.2723 | 1.2674 | 1.2696 |
| EUR/CHF | 0.9120 | 0.9139 | 0.9118 | 0.9129 |
India Rupee - World FX: Yen falls on lower than expected CPI; dollar index firm
MUMBAI – The yen fell against the dollar Tuesday because of lower than expected inflation data for February. Japan's consumer price index, excluding fresh food, was 1.6% on year in February, lower than estimates of 1.7% and the previous reading of 2.0%.
However, remarks by Bank of Japan Governor Kazuo Ueda expressing confidence that inflationary pressures will continue to accelerate moderately supported the yen. "Expect underlying inflation to accelerate moderately," Ueda said earlier in the day, adding, "Tight labour market, firms active wage, price-setting behaviour will maintain a cycle in which wages and prices rise in tandem."
The euro fell 0.3% against the dollar because of weaker than expected data from the euro zone. On Tuesday, flash estimate showed Germany's composite purchasing managers' index declined to 51.9 in March from 53.2 in February, reflecting loss of growth in business activity. Similarly, the composite PMI for the Eurozone fell to 50.5 from 51.9.
The pound sterling was down 0.3% against the dollar. The UK S&P Global Composite Purchasing Managers' Index fell sharply to 51.0 in March from 53.7 in February, according to flash estimates, due to a slowdown in both manufacturing and services sector activity. The services PMI was also significantly lower at 51.2 from the previous reading of 53.9, and the manufacturing data dropped to 51.4 from 51.7.
The dollar index remained firm as optimism was short lived after claims by US President Donald Trump about a deal with Iran were offset after Iran promptly denied anything had happened, leaving the region in a bit of a muddle. At 1525 IST, the index, which measures the strength of the dollar against a basket of six major currencies, was at 99.30 against 99.15 Monday and 99.50 Friday. The dollar index had hit a low of 98.88 on Monday. (Kabir Sharma)
India Rupee: Premium falls as RBI likely sells long-tenure forward dollars
| AT 1420 IST | AT 0900 IST | HIGH | LOW | PREVIOUS(AT 1530 IST) | |
| Spot rupee per $1 | 93.8400 | 93.6375 | 93.6300 | 93.8900 | 93.9750 |
| 1-year dlr/rupee fwd (paise) | 266.93 | 269.66 | 274.81 | 261.93 | 272.36 |
NEW DELHI – The one-year dollar-rupee forward premium fell Tuesday as the Reserve Bank of India likely sold dollars for long-tenure forward delivery to neutralise the impact of its recent spot interventions and avoid pushing out rupee liquidity, dealers said. The RBI likely sold forward dollars for maturity in June 2027, some dealers said.
"There is some RBI action in forwards. Some recieving is also there because people expect some liquidity management announcement," a dealer at a private-sector bank said. On Monday, the central bank actively sold dollars to keep the rupee from falling past the psychologically-crucial 94-per-dollar mark, dealers said. The Indian unit hit a record low of 93.9800 a dollar Monday. Some dealers speculated that the RBI may have sold dollars around 93.89 a dollar in the spot market on Tuesday.
Considering spot dollar sales push out rupee liquidity from the banking system, the RBI conducts buy-sell swaps to replenish liquidity. A buy-sell swap entails buying dollars for immediate delivery and entering into a contract to sell these at a future date, thereby postponing the drain on systemic liquidity.
Meanwhile, banks bought dollars for forward delivery on behalf of importers, noting the appreciation of the rupee in the spot market, which limited losses for the premiums, dealers said. The rupee rose sharply to a high of 93.6300 a dollar earlier in the day on hope of a potential de-escalation in the ongoing hostilities in West Asia.
At 1420 IST, the one-year exact period dollar-rupee forward premium was 2.84%, lower than Monday's close of 2.90%. On an absolute basis, the premium was 266.93 paise, against 272.36 paise Monday. (Pratiksha)
India Rupee: Pares gains as oil cos buy dlrs; up on hopes of West Asia truce
| AT 1323 IST | AT 0900 IST | HIGH | LOW | PREVIOUS(AT 1530 IST) | |
| Spot rupee per $1 | 93.8125 | 93.6375 | 93.6300 | 93.8900 | 93.9750 |
NEW DELHI – The rupee gave up some of its early gains against the dollar as banks persistently purchased dollars on behalf oil marketing companies and other importers, who wanted to make the most of the relatively lower dollar-rupee levels, dealers said. Dollar demand from banks related to maturity of non-deliverable forwards contracts also weighed on the local currency, they said.
The Indian unit rose sharply against the dollar after media reports said Iran's Supreme Leader Mojtaba Khamenei has agreed to negotiate with the US and reach an agreement, signalling a potential de-escalation in the ongoing hostilities in West Asia, dealers said.
This development follows an announcement by US President Donald Trump Monday that he has postponed strikes against Iran's power plants for five days following "productive conversations" with Tehran. The rupee hit a high of 93.6300 a dollar earlier in the day on optimism over Trump's statement.
"Some selling (of dollars) came after the Iran news but broadly as well, we have been seeing some long (dollar positions) unwinding since morning," a dealer at a state-owned bank said. A surge in domestic equities also supported the Indian currency, dealers said. At 1322 IST, both the Sensex and Nifty 50 were higher by 2.2?ch.
For the rest of the day, the rupee is seen moving between 93.60 and 94.00 against the greenback. Dealers peg immediate technical resistance for the rupee at 93.50 a dollar. (Pratiksha)
India Rupee: Technical levels for rupee - Mar 24
MUMBAI/NEW DELHI – At 1114 IST, the rupee was at 93.8400 per dollar. At 0900 IST, the rupee was at 93.6375 a dollar, against the previous close of 93.9750 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 |
| Public-sector bank | - | 93.92 | 93.62 | - |
| Public-sector bank | - | 93.83 | 93.75 | - |
| Foreign bank | 94.00 | 93.90 | 93.75 | 93.60 |
| Brokerage firm | 94.00 | 93.80 | 92.80 | 92.30 |
| Brokerage firm | 94.00 | 93.80 | 93.00 | 92.80 |
(Pratiksha, Divya Moolayattil, and Suryash Kumar)
India Rupee: Sharply up as crude slumps after Trump postpones strike on Iran
| AT 0930 IST | AT 0900 IST | HIGH | LOW | PREVIOUS(AT 1530 IST) | |
| Spot rupee per $1 | 93.7400 | 93.6375 | 93.6300 | 93.7600 | 93.9750 |
NEW DELHI – The rupee rose sharply against the dollar as crude oil prices tumbled after US President Donald Trump Monday said he had ordered the military to postpone strikes against Iranian power plants for five days following "productive conversations" with Tehran, dealers said.
Crude oil prices slipped around 11% on Monday after Trump's remarks. However, Iran's parliamentary speaker said that no talks had been held with the US, contradicting Trump's statement, reports said. This sent crude prices almost 4% higher in early trade Tuesday, limiting gains for the Indian unit, dealers said. Brent crude May futures were at $103.93 per barrel at 0930 IST, compared to $99.94 per barrel on Monday and $112.19 per barrel on Friday.
"The market has welcomed the five-day pause, but not with conviction. Any signs of further de-escalation could pull the dollar-rupee lower," Amit Pabari, managing director at CR Forex, said. "In contrast, further escalation is likely to keep rupee under pressure — the direction, for now, will be dictated by how the situation unfolds."
A sharp rise in domestic equities, tracking similar moves on Wall Street, also supported the Indian currency, according to dealers. At 0930 IST, both the Nifty 50 and Sensex were up around 1.5%.
However, dealers expect importers to step in through dollar purchases to make the most of the relatively lower dollar-rupee levels, which is expected to weigh on the Indian unit. The rupee had fallen to a record low of 93.9800 a dollar on Monday. "The buy on dips (in dollar-rupee) trend should be continue. There is still quite a bit of uncertainty in the market," a dealer at a private sector bank said.
For the rest of the day, the rupee is seen moving between 93.50 and 94.00 against the greenback. Dealers peg immediate technical resistance for the rupee at 93.50 a dollar. (Pratiksha)
India Rupee - Asia FX: Mixed as mkt assesses West Asia conflict developments
NEW DELHI – Asian currencies moved on a mixed note against the dollar as market participants assessed the recent diverging developments related to the West Asia conflict. US President Donald Trump Monday said he had ordered the military to postpone strikes against Iranian power plants for five days following "productive conversations" with Tehran.
"I AM PLEASE TO REPORT THAT THE UNITED STATES OF AMERICA, AND THE COUNTRY OF IRAN, HAVE HAD, OVER THE LAST TWO DAYS, VERY GOOD AND PRODUCTIVE CONVERSATIONS REGARDING A COMPLETE AND TOTAL RESOLUTION OF OUR HOSTILITIES IN THE MIDDLE EAST," Trump said Monday in a post on Truth Social. However, Iran's parliamentary speaker said that no talks had been held with the US, contradicting Trump's statement, reports said.
Crude oil prices slumped about 11% on Monday after Trump's announcement. However, prices edged almost 4% higher in early trade Tuesday owing to supply concerns on the back of Iran's denial of Trump's remarks. Brent crude May futures were at $103.61 per barrel at 0845 IST, compared to $99.94 per barrel on Monday and $112.19 per barrel on Friday.
The Phillipine peso rose 0.5% against the dollar, while the Taiwan dollar and Indonesian rupiah were up 0.3% and 0.4%, respectively. Meanwhile, the South Korean won tumbled 0.9% against the US unit after South Korean Foreign Minister Cho Hyun asked his Iranian counterpart on Monday to ensure the safety of vessels that remain in the Strait of Hormuz. Hyun expressed great concern about the impact of the West Asia conflict on the global economy, reports said.
The Chinese yuan fell 0.1% against the dollar. China on Monday urged all parties involved in the West Asia conflict, particularly the US and Israel, to cease military operations. The world's second-largest economy warned of a "vicious cycle" in a war that, if prolonged, could weaken global growth and hurt demand for Chinese exports.
The Thai baht slumped 0.9% against the greenback after data released Tuesday showed customs-cleared exports rose 9.9% on year in February. The February reading compared with a forecast of a 15.8% rise in a Reuters poll and followed January's 24.4% increase. The Malaysian ringgit was down 0.2%. (Pratiksha)
India Rupee: Expected range for rupee - Mar 24
NEW DELHI – 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 | 93.80 | 93.30 |
| Private-sector bank | 93.80 | 93.35 |
| Private-sector bank | 93.90 | 93.30 |
| Foreign bank | 93.90 | 93.10 |
| Brokerage firm | 94.00 | 93.25 |
| Brokerage firm | 93.75 | 93.40 |
| Brokerage firm | 93.90 | 93.20 |
(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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