India Rupee Review
Sharply down as importers, FPIs persistently buy dollars
This story was originally published at 17:01 IST on 20 April 2026
Register to read our real-time news.Informist, Monday, Apr. 20, 2026
By Pratiksha
NEW DELHI – The rupee settled sharply lower against the dollar Monday as banks persistently bought dollars on behalf of importers and foreign portfolio investors, dealers said. A jump in crude oil prices and strengthening of the dollar index amid renewed tensions between the US and Iran also weighed on the Indian unit, they said.
"There was lot of buying (of dollars) in the market. Until and unless the noise around the war doesn't die down, we will continue to see such movements," a dealer at a private sector bank said.
The Indian unit settled at 93.1275 a dollar on Monday, 0.2% lower than its previous close of 92.9250. The Indian unit traded in a wide range of 46 paise during the day.
The Indian unit began the day on a stronger footing as market participants took comfort from crude oil prices staying below the crucial $100 per barrel mark despite renewed tensions between the US and Iran, dealers said. The Indian unit hit a high of 92.7000 a dollar in early trade.
Crude oil prices settled around 9% lower on Friday after Iran said passage for all commercial vessels through the Strait of Hormuz was open for the remaining ceasefire period. However, prices rebounded almost over 5% Monday as the Strait of Hormuz was closed again after both countries said the other party had violated the ceasefire by attacking ships over the weekend. Brent crude futures for June delivery were at $94.79 a barrel at 1530 IST, up from $90.38 a barrel Friday but lower than $99.39 a barrel Thursday.
However, gains for the Indian unit were shortlived as banks rushed to purchase the greenback on behalf of importers, who wanted to make the most of the relatively lower dollar-rupee levels, dealers said. A large Indian corporate was also said to have bought dollars, they said.
Foreign banks likely stepped in to buy dollars on behalf of FPIs, looking to pull out funds from Indian markets amid the looming uncertainty related to the war in West Asia, dealers said. So far in April, FPIs have pulled out funds worth $3.92 billion from Indian markets.
"FII (foreign institutional investor) flows have been consistent, although a bit slowed down," a dealer at a state-owned bank said. "Rupee is starting to somewhat reflect its real levels as buying (of dollars) is going on." The Indian unit hit a low of 93.2425 in the second half of the session.
Some dealers speculated that the Reserve Bank of India may have stepped in to sell dollars, to prevent the Indian unit from falling sharply, during the last leg of trade.
The dollar index was headed for its highest level in a week in early Asian trade Monday as renewed tensions in West Asia sent investors flocking to the safe haven asset, weighing on the Indian unit, dealers said.
| AT 1530 IST | AT 0900 IST | HIGH | LOW | PREVIOUS (AT 1530 IST) | |
| Spot rupee per $1 | 93.1275 | 92.8250 | 92.7000 | 93.2425 | 92.9250 |
| 1-year dlr/rupee fwd (paise) |
273.83 |
271.333 | 275.67 | 270.00 | 276.45 |
FORWARDS
The one-year dollar-rupee forward premium ended lower Monday as some banks sold dollars for forward delivery, noting the relatively higher levels, dealers said. So far this month, the one-year forward premium has risen almost 10 basis points as on Monday. It had hit a near four-year high of 3.94?rlier this month.
Market participants also pointed to lack of significant forward dollar purchases in the market owing to the Reserve Bank of India last week reportedly asking state-owned oil companies to curb their dollar purchases in the spot market and use a special credit line instead for their foreign exchange needs. This also weighed on premiums, they said.
State-run refiners have been asked to tap State Bank of India to access the special credit line, Reuters reported Thursday, citing sources. Indian Oil Corp. Ltd., Hindustan Petroleum Corp. Ltd., and Bharat Petroleum Corp. Ltd., along with Mangalore Refinery and Petrochemicals Ltd., import half of India's crude oil requirement of 5.2 million barrels per day, it said.
The one-year exact-period dollar-rupee forward premium was 2.94% at 1530 IST, down from Friday's close of 2.98%. On an absolute basis, the premium was 273.83 paise, against 276.45 paise Friday.
OUTLOOK
On Tuesday, the rupee will take cues from the movement in crude oil prices in view of the evolving developments related to the war in West Asia, dealers said. However, most dealers expect the Indian unit to remain under pressure as long as Brent crude prices stay close to $100 per barrel. The Indian currency may also take cues from movement in the dollar index, they said.
The Indian currency may continue to find support from the absence of demand from state-owned oil marketing companies in the spot market after the RBI reportedly provided a special window, dealers said. However, dealers expect importers and privately-owned oil refiners to continue buying dollars amid looming uncertainties related to the war in West Asia, exerting pressure on the Indian unit. Continued FPI outflows may also weigh on the local unit, they said.
"After today's move, it is clear that the buying (of dollars) pressure is not going anywhere. Despite PSU (public sector) oil companies not being in the market, the pressure is there," a dealer at another state-owned bank said.
Meanwhile, the RBI post market hours Monday, withdrew some restrictions on certain related-party rupee derivative trades, which it had imposed earlier in April to prevent the Indian currency's sharp depreciation.
Dealers see strong technical support for the Indian currency at 93.30 per dollar. The rupee is likely to move in a range of 92.60-93.30 against the dollar Tuesday.
India Rupee: Premium down as banks sell forward dollars noting higher levels
| AT 1440 IST | AT 0900 IST | HIGH | LOW | PREVIOUS (AT 1530 IST) | |
| Spot rupee per $1 | 93.1875 | 92.8250 | 92.70000 | 93.2025 | 92.9250 |
| 1-year dlr/rupee fwd (paise) |
275.67 |
271.333 | 275.67 | 270.00 | 276.45 |
MUMBAI – The one-year dollar-rupee forward premium fell slightly Monday as some banks sold dollars for forward delivery, noting the relatively higher levels, dealers said. So far this month, the one-year forward premium has risen almost 10 basis points as on Monday. It had hit a near four-year high of 3.94?rlier this month.
"Cash (cash-tom) has cooled down but there is still some consolidation left there. Forwards are tracking that," a dealer at a private-sector bank said. "I think one-year (forward) should consolidate around 2.90% levels now."
Market participants also pointed to lack of significant forward dollar purchases in the market owing to the Reserve Bank of India last week reportedly asking state-owned oil companies to curb their dollar purchases in the spot market and use a special credit line instead for their foreign exchange needs. This also weighed on premiums, they said.
"The buying of dollars in the forward premium market is missing today," said a dealer at a private-sector bank. "If the war pauses, then long forward and spot dollar levels will move in the same direction."
State-run refiners have been asked to tap the State Bank of India to access the special credit line, Reuters reported Thursday, citing sources. Indian Oil Corp. Ltd., Hindustan Petroleum Corp. Ltd., and Bharat Petroleum Corp. Ltd., along with Mangalore Refinery and Petrochemicals Ltd., import half of India's crude oil requirement of 5.2 million barrels per day, it said.
The one-year exact-period dollar-rupee forward premium was 2.96% at 1440 IST, down from Friday's close of 2.98%. On an absolute basis, the premium was 275.67 paise, against 276.45 paise Friday. (Suryash Kumar)
India Rupee: Erases gains, falls as banks buy dollars for importers, FPIs
| AT 1319 IST | AT 0900 IST | HIGH | LOW | PREVIOUS(AT 1530 IST) | |
| Spot rupee per $1 | 93.0700 | 92.8250 | 92.7000 | 93.1200 | 92.9250 |
MUMBAI – The rupee erased early gains and fell against the dollar as banks bought dollars on behalf of importers and foreign portfolio innvestors, dealers said. A rebound in crude oil prices also weighed on the Indian unit, they said.
Banks bought dollars on behalf of importers, noting the rupee's sharp rise earlier in the day, dealers said. The Indian unit rose sharply to 92.70 a dollar in early trade. Further, FPI outflows from Indian markets amid renewed tensions between Iran and the US also weighed on the Indian unit, they said. So far in April, FPIs have pulled out funds worth $3.92 billion from Indian markets.
While Iran announced on Friday that the Strait of Hormuz would be open for all commercial ships after the Israel-Lebanon truce, tensions flared up between the warring sides as the US seized an Iranian ship which was trying to run the blockade set up by the US navy. After this development, Iranian local media has reported that Tehran will not be participating in the second round of negotiations with the US to arrive at a peace deal.
"Rupee will be choppy and may trade 92.50-93.40 range till Wednesday, when the deadline for the current ceasefire ends. The market will be closely watching if the deadline gets extended or if a more permanent peace measure replaces the ceasefire," said a dealer at a private-sector bank. "RBI restrictions will keep the rupee in the range mentioned." The Reserve Bank of India reportedly asked state-run oil refiners to tap the State Bank of India to access a special credit line, instead of buying dollars through spot, Reuters reported last week, citing sources.
Crude oil prices rose Monday after reports said the Strait of Hormuz has been closed again. Brent crude futures for June delivery were at $95.19 a barrel at 1305 IST, up from $90.38 a barrel Friday but lower than $99.39 a barrel Thursday.
For the rest of the day, the rupee is seen moving between 92.50 and 93.10 against the greenback. Dealers peg immediate technical resistance for the rupee at 92.50 a dollar. (Suryash Kumar)
India Rupee: Technical levels for rupee – Apr 20
MUMBAI – At 1130 IST, the rupee was at 93.0150 a dollar. At 0900 IST, the rupee was at 92.8250 a dollar, against the previous close of 92.9250. 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 | 93.00 | 92.84 | 92.60 | 92.48 |
| State-owned bank | 93.20 | 93.00 | 92.68 | 92.50 |
| Private-sector bank | 93.10 | 93.05 | 92.75 | 92.70 |
| Foreign bank | 93.20 | 93.00 | 92.70 | 92.50 |
| Brokerage firm | 93.20 | 92.90 | 92.50 | 92.50 |
(Suryash Kumar)
India Rupee: Rises sharply as crude below $100/bbl despite US, Iran tensions
| AT 0940 IST | AT 0900 IST | HIGH | LOW | PREVIOUS(AT 1530 IST) | |
| Spot rupee per $1 | 92.7750 | 92.8250 | 92.7000 | 92.8325 | 92.9250 |
NEW DELHI – The rupee rose sharply against the dollar Monday as crude oil prices remained below the psychologically-crucial $100 per barrel mark despite renewed tensions between the US and Iran, dealers said. However, market participants expect importers to step in to buy dollars during the day, noting the relatively lower dollar-rupee levels, which may limit gains for the Indian currency.
US forces Sunday seized an Iranian cargo ship that tried to run its blockade, following which Iran said it would retaliate, increasing the possibility that the ceasefire between the two countries might not last for even the two days it is set to remain in force. Meanwhile, Tehran said it would not participate in a second round of negotiations in Pakistan that the US had hoped to start before the ceasefire expires on Wednesday.
"The war situation has been very volatile. I don't think the market will react much to anything new unless it is concrete," a dealer at a state-owned bank said. "Let's see if above 93.00 levels hold today."
Crude oil prices settled around 9% lower on Friday after Iran said passage for all commercial vessels through the Strait of Hormuz was open for the remaining ceasefire period. However, prices rebounded almost over 6% in early trade Monday as reports said the Strait of Hormuz has been closed again. Brent crude futures for June delivery were at $95.19 a barrel at 0940 IST, up from $90.38 a barrel Friday but lower than $99.39 a barrel Thursday.
Amid the ongoing uncertainty related to the war in West Asia, importers may continue to buy dollars, dealers said. "As long as global tensions remain high, the rupee is likely to stay under pressure," Amit Pabari, managing director at CR Forex, said.
"Support is seen in the 92.20–92.50 zone, while a move towards 93.20–93.50 looks likely in the near term."
For the rest of the day, the rupee is seen moving between 92.50 and 93.10 against the greenback. Dealers peg immediate technical resistance for the rupee at 92.50 a dollar. (Pratiksha)
India Rupee - Asia FX: Mixed amid renewed US-Iran tensions; yuan steady
NEW DELHI – Asian currencies moved on a mixed note against the dollar Monday as market participants cautiously monitored developments in West Asia after tensions between Iran and the US reignited. This came after US forces Sunday seized an Iranian cargo ship that tried to run its blockade, following which Iran said it would retaliate, raising the possibility that the ceasefire between the two countries might not last for even the two days it is set to remain in force. Meanwhile, Tehran said it would not participate in a second round of negotiations in Pakistan that the US had hoped to start before the ceasefire expires on Wednesday.
Brent crude oil prices rebounded over 6% in early trade Monday after tumbling more than 9% on Friday, as reports said the Strait of Hormuz has been closed again. This weighed on the Asian units. Brent crude futures for June delivery were at $95.25 a barrel at 0900 IST, up from $90.38 a barrel Friday but lower than $99.39 a barrel Thursday. The dollar index also strengthened on the back of safe-have demand.
The South Korean won fell 1% against the dollar. South Korean Finance Minister Koo Yun-cheol and US Treasury Secretary Scott Bessent after a meeting Friday agreed that excessive volatility in the Korean won was not desirable and that they would continue consultations on the foreign exchange market, Seoul said on Sunday. Bessent also welcomed South Korea's efforts to implement a $350-billion investment in the US pledged as part of a bilateral trade deal.
The Chinese yuan was steady after China's central bank Monday left benchmark loan prime rates unchanged for the 11th consecutive month in April, in line with market expectations. It kept the one-year loan prime rate at 3.00% and five-year loan prime rate at 3.50%.
The Malaysian ringgit was down 0.6% against the dollar while the Thai baht was down 0.1%. Advance estimates showed Friday that Malaysia's economy grew 5.3% in Jan-Mar from a year earlier, moderating from a growth of 6.3% in Oct-Dec, as activity slowed in some key sectors.
The Taiwan dollar was up 0.3% against the dollar, while the Philippine peso and Indonesian rupiah rose 0.1%. (Pratiksha)
India Rupee: Expected range for rupee - Apr 20
NEW DELHI – Following are the support and resistance levels expected for the rupee Monday, as forecast by leading banks and brokerages in an Informist Poll:
| PARTICIPANT | SUPPORT | RESISTANCE |
| State-owned bank | 93.40 | 92.80 |
| Private-sector bank | 93.10 | 92.65 |
| Private-sector bank | 93.10 | 92.40 |
| Foreign bank | 93.20 | 92.45 |
| Brokerage firm | 93.25 | 92.50 |
| Brokerage firm | 93.05 | 92.55 |
(Pratiksha)
End
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Avishek Dutta
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 (11) 4220-1000
Send comments to feedback@informistmedia.com
© Informist Media Pvt. Ltd. 2026. All rights reserved.
To read more please subscribe
Share this Story:
