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Informist, Monday, Apr. 27, 2026

 

By Pratiksha

 

NEW DELHI – The rupee ended slightly higher against the dollar, snapping its five-day losing streak, as state-owned banks sold dollars, likely on behalf of the Reserve Bank of India and exporters, dealers said. However, a sharp rise in crude oil prices and dollar purchases by importers weighed on the Indian unit, they said. 

 

The Indian unit settled at 94.1900 a dollar Monday, against 94.2475 on Friday. The Indian unit traded in a range of 18 paise during the day. Other Asian currencies also gained 0.1-0.4% against the dollar, with the South Korean won being the best performer. 

 

"There was constant two-way movement happening (in rupee) today," a dealer at a state-owned bank said. "There was demand (of dollars) on one side, although not very aggressive, and supply (of dollars) on the other."

 

The Indian unit opened steady against the dollar but fell slightly shortly afterwards as crude oil prices rose to a near three-week high, with peace talks between the US and Iran remaining in abeyance and shipments through the Strait of Hormuz limited, keeping global oil supplies tight. US President Donald Trump cancelled a trip to Islamabad by US envoys for talks over the weekend, even as Iran's foreign minister has continued to shuttle between mediating countries.

 

Brent crude futures for June delivery were at $107.85 a barrel at 1530 IST, up from $105.33 a barrel Friday and $105.07 a barrel Thursday. Brent crude prices had touched a high of $108.50 a barrel during Indian market hours Monday.   

 

However, the RBI likely marked its presence in the spot market since morning, ensuring the Indian unit does not fall further, dealers said. "The RBI seems to have held the line at 94.30 for now," a dealer at a private-sector bank said. "95.00 may come too close once that breaks, so they (RBI) may be trying to avoid that."

 

The central bank likely sold dollars at around 94.28 a dollar in early trade, dealers said. However, the intervention was not aggressive in nature, they added. Some dealers said the central bank likely sold around $1 billion-$1.5 billion in the spot market to support the rupee on Monday. 

 

Noting the central bank's intervention, banks also stepped in to sell dollars on behalf of exporters, dealers said. This also supported the Indian unit. "Exporters have started to sell dollars now. In fact, importers have become less active," a dealer at a brokerage firm said. 

 

However, the Indian unit remained under pressure as banks continued to buy dollars on behalf of importers, who expect the rupee to depreciate amid lingering uncertainty related to the war in West Asia, dealers said. The Indian unit depreciated 1.4% against the dollar last week. 

 

The Indian unit was also supported by a rise in domestic equities, dealers said. On Monday, both the Sensex and Nifty 50 ended 0.8% higher each.  

 

Further, a fall in the dollar index during the second half also provided support to Asian currencies, including the rupee, according to dealers. At 1530 IST, the dollar index was at 98.30, down from 98.51 on Friday and 98.80 on Thursday. 

 

	AT 1530 IST	AT 0900 IST	HIGH	LOW	PREVIOUS (AT 1530 IST)
Spot rupee per $1	94.1900	94.2300	94.1000	94.2825	94.2475
1-year dlr/rupee fwd (paise)	288.09	290.59	290.59	286.21	288.94

 

FORWARDS

The one-year dollar-rupee forward premium ended lower as banks sold dollars for forward delivery on behalf of exporters, noting the rupee's recent depreciation, dealers said. 

 

However, the fall was limited as banks bought dollars for forward delivery on behalf of importers, fearing further depreciation of the rupee, dealers said. 

 

"I was expecting more paying to happen in forwards, but it seems like receiving has been happening much more on the margins," a dealer at another state-owned bank said. "It makes sense since these forward levels are also lucrative for exporters."

 

At 1530 IST, the one-year exact-period dollar-rupee forward premium was 3.06%, down from 3.07% at close Friday. On an absolute basis, the premium was 288.09 paise, against 288.94 paise Friday. 

 

OUTLOOK

On Tuesday, the rupee will continue to take cues from movement in crude oil prices amid evolving developments related to the war in West Asia and peace talks between Iran and the US, dealers said. However, market participants expect the RBI to step in through dollar sales if the Indian unit comes under extreme pressure, as has been the case recently. Some traders expect the rupee to fall past the key support of 94.30 a dollar if crude prices rise above $110 per barrel.

 

"Rupee has been rangebound for some time now. I think that should continue with buying (of dollars) on one side and selling from the other," a dealer at another private-sector bank said. 

 

The Indian currency will also continue to take cues from movement in the dollar index, they said. Dealers expect importers 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 currency, they said. 

 

"For now, the rupee continues to lean toward gradual weakness. Uncertainty remains the dominant force, shaping both global flows and local reactions," Amit Pabari, managing director at CR Forex, said in a note. "Any dips are likely to be bought into, with the 92.80–93.20 zone acting as a strong support. On the upside, 93.50 to 94.50 is expected to define the near-term range."

 

Dealers see immediate technical support at 94.30 per dollar, a break of which could push the rupee to 94.50. The rupee is likely to move in a range of 94.00-94.50 against the dollar Tuesday.

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India Rupee - World FX: Dollar Index falls as peace talks gain momentum

 

	AT 1536 IST	HIGH	LOW	PREVIOUS
GBP/USD	1.3554	1.3558	1.3506	1.3533
EUR/USD	1.1743	1.1752	1.1689	1.1720
NZD/USD	0.5911	0.5914	0.5858	0.5876
AUD/USD	0.7186	0.7190	0.7130	0.7142
USD/JPY	159.2130	159.5950	159.0950	159.3610
USD/CAD	1.3607	1.3680	1.3607	1.3677
EUR/JPY	186.9620	187.0270	186.0509	186.7900
CHF/USD	1.2751	1.2767	1.2708	1.2729
EUR/CHF	0.9208	0.9217	0.9198	0.9204

 

MUMBAI – The dollar index fell on Monday as hopes of ending the war in West Asia rose amid reports that Iran gave the US a new proposal to reopen the Strait of Hormuz. The report also suggested that discussion over nuclear weapons would happen at a later stage. At 1458 IST, the dollar index was at 98.28, down 0.4% from Friday. Investors will be closely tracking the Federal Open Market Committee meeting, which will be held over the next two days. In its last meeting, the committee had left the rate unchanged at 3.50%-3.75%.

 

The British pound sterling gained against the dollar ahead of the Bank of England's monetary policy meeting on Thursday. Markets expect the Bank of England to keep the interest rate unchanged at 3.75%, with core inflation falling to 3.1% and higher crude oil prices amid uncertainty over negotiations to end the war in West Asia. 

 

The euro also rose against the dollar, with the possibility of escalating tensions between the warring nations fading. The Japanese yen also gained against the dollar, with the dollar coming under pressure as risk sentiment improved over news that Iran has shared a proposal with the US for a peace agreement. The yen rose 0.1% against the dollar on Monday. The Canadian dollar rose 0.1% against the dollar. (Suryash Kumar)

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India Rupee: Premiums down as banks sell forward dollars for exporters

 

 

	AT 1500 IST	AT 0900 IST	HIGH	LOW	PREVIOUS (AT 1530 IST)
Spot rupee per $1	94.1625	94.2300	94.1000	94.2825	94.2475
1-year dlr/rupee fwd (paise)	288.03	290.59	290.59	286.21	288.94

 

MUMBAI – The one-year dollar-rupee forward premium fell slightly as banks sold dollars for forward delivery on behalf of exporters, noting the recent depreciation of the rupee, dealers said. The Indian currency depreciated over 1.4% against the dollar last week amid uncertainties related to the peace talks between the US and Iran, rising tension in the Strait of Hormuz and the Reserve Bank of India's partial roll back of restrictions on foreign exchange trades. "The RBI wanted to keep it (rupee) below 94.00 (a dollar), but the rupee is still crossed it due to the global factors," a dealer at a private-sector bank said. 

 

Crude oil prices rose almost 3% Monday due to lack of progress in peace talks between the US and Iran, which weighed on rupee, dealers said. However, losses for the Indian unit have been limited as the RBI likely intervened through dollar sales, dealers said. This has prompted exporters to sell dollars, they said. 

 

Fall in forward premiums was also limited as banks bought dollars for forward delivery on behalf of importers, fearing further depreciation of the rupee going ahead, dealers said. "There was some oil buying in the market, but they subsided later," a dealer at another priavte-sector bank said.  

 

At 1500 IST, the one-year exact period dollar-rupee forward premium was 3.06%, lower than Friday's close of 3.07%. On an absolute basis, the premium was 288.03 paise, against 288.94 paise Friday. (Divya Moolayattil)

 

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India Rupee: Erases gains on importers' dlr buys ; RBI dollar sales support

 

	AT 1344 IST	AT 0900 IST	HIGH	LOW	PREVIOUS(AT 1530 IST)
Spot rupee per $1	94.2050	94.2300	94.1000	94.3175	94.2475

 

MUMBAI – The rupee was steady after it erased most gains against the dollar as banks bought the greenback for importers, who hedged their positions fearing further fall in rupee, dealers said. "Earlier there was some selling from nationalised banks, then importers came in buying at every dip," a dealer from a private-sector bank said.

 

Dealers speculated the Reserve Bank of India sold dollars through public-sector banks, lifting the rupee in early trade. "RBI was likely selling at 94.28, but not very aggressively, just to curb the fall. It looks like the RBI doesn't want to go beyond 93.30 level," the dealer said. The rupee rose 14 paise to a high of 94.10 Monday. 

 

The rupee was weighed down by higher crude oil prices as peace talks between the US and Iran stalled after US President Donald Trump Sunday cancelled US officials visit to Pakistan for negotiations, they said. Trump said in an interview, "If they (Iran) want, they can come to us, they can call us. We have telephone." Meanwhile, Iran offered a proposal to the US to reopen the Strait of Hormuz and end the war, according to media reports.

 

At 1238 IST, Brent crude June futures was $107.48 a barrel, up from $105.33 a barrel Monday. Brent crude June futures rose 10.3% last week after hostilities on the Strait of Hormuz resumed. "The rupee is driven by global factors and oil prices now. There are no reports on the war so far today, so the market is on wait and watch mode," a dealer a private-sector bank said.  

 

A rise in domestic indices also supported the Indian unit, they said. The Nifty and Sensex rose 0.8% at 1321 IST, tracking gains in Asian peers and Wall Street. However, the foreign portfolio investor's outflow and lack of substantial inflows have kept the rupee under pressure. The FPIs sold INR 3.72 billion so far in April, much less compared with INR 15.42 billion outflows in March. "Outflows have slowed down, but there are no substantial inflows. The rupee will keep falling until there are inflows," a dealer at a private-sector bank said. 

 

For the rest of the day, the rupee is seen moving between 94.10 and 94.50 against the greenback. Dealers peg immediate technical support for the rupee at 94.30 a dollar. (Divya Moolayattil)

 

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India Rupee: Technical levels for rupee - Apr 27

 

MUMBAI – At 1112 IST, the rupee was at 94.2375 a dollar. At 0900 IST, the rupee was at 94.2300 a dollar, against the previous close of 94.2475. 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	94.60	94.50	93.90	93.80
Private-sector bank	94.50	94.40	93.95	93.80
Foreign Bank	94.47	94.30	94.10	93.85
Brokerage firm	94.75	94.50	93.80	93.60
Brokerage firm	94.50	94.30	94.00	93.70

 

(Divya Moolayattil)

 

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India Rupee: Up on likely dollar sales by RBI, rise in domestic equities

 

	AT 1020 IST	AT 0900 IST	HIGH	LOW	PREVIOUS(AT 1530 IST)
Spot rupee per $1	94.1350	94.2300	94.1000	94.2825	94.2475

 

MUMBAI – The rupee rose against the dollar after erasing early losses as state-owned banks likely sold dollars on behalf of the Reserve Bank of India, dealers said. "As of now, the market is in wait and watch mode. The rupee is likely to move at the same levels as Friday. It looks like the RBI don't want the rupee to fall beyond 94.30 (a dollar)," a dealer at a public-sector bank said. 

 

The Indian unit was weighed down by a rise in crude oil prices to a near-three-week high amid no material progress in peace talks between the US and Iran over the weekend, dealers said. At 1015 IST, Brent crude oil prices for June delivery rose to $106.48 a barrel from $105.33 a barrel Friday. Brent crude June futures rose to a high of $107.97 a barrel Monday. "Higher crude has intensified concerns around import bills. Now, the rupee will fall further if crude sustains at higher levels", a dealer at a private-sector bank said. 

 

Iranian Foreign Minister met Pakistani officials Saturday despite the absence of US counterparts. US President Donald Trump said Iran could call if it wanted to negotiate as he cancelled US officials' planned trip to Pakistan. According to media reports, Iran has given a proposal to the US to reopen the Strait of Hormuz and end the war. "There is a news floating on Iran's proposal to end the war, the market is reacting to it, but elevated oil is still a problem," a dealer at a private-sector bank said.

 

A rise in domestic equity indices also supported the rupee, they said. At 0919 IST, both the Nifty and Sensex rose 0.5%. However, dealers said continued foreign portfolio outflows are expected to keep the pressure on the rupee intact. 

 

A slight fall in the dollar index also supported the rupee, dealers said. At 0930 IST, the dollar index was 98.42, down from 98.51 Friday. 

For the rest of the day, the rupee is seen moving between 94.00 and 94.50 against the greenback. Dealers peg immediate technical resistance for the rupee at 94.00 a dollar. (Divya Moolayattil)

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India Rupee - Asia FX: Most up as local equities gain; rise in crude weighs

 

MUMBAI – Most Asian currencies rose against the dollar in early trade Monday, tracking gains in Asian equity indices amid strong gains in artificial intelligence and technology-related stocks. However, a rise in crude oil prices amid stalled peace talks between the US and Iran and continued blockade of the Strait of Hormuz weighed on Asian units.

 

Hopes of reviving peace efforts faded after US President Donald Trump scrapped a planned visit by US envoys to Pakistan over the weakened. Trump said Iran could call if it wants to negotiate an end to the war even as Iran's Foreign Minister Abbas Araghchi reached Pakistan for peace talks. According to media reports, Iran has given the US a new proposal through Pakistani mediators for reaching a deal on reopening of the Strait of Hormuz and ending the war.

 

The Singapore dollar rose 0.1% and the Malaysian ringgit rose 0.3% against the dollar. The Philippines peso rose 0.1% against the dollar after falling for five consecutive days. The Taiwan dollar rose 0.2% against the US unit.

 

The Chinese yuan rose 0.1% against the dollar after data showed China's industrial profits rose 15.8% in March on year from 15.2% jump in the first two months of this year. This is the sharpest growth in China's industrial profits since September 2025. Meanwhile, investors kept a close eye on the US Federal Reserve policy meeting scheduled on Tuesday and Wednesday.

 

Bucking the trend, the South Korean won fell 0.5% against the dollar as worries over oil supply intensified after the Strait of Hormuz remained closed. South Korea is vulnerable to rise in oil prices as it relies heavily on imports. At 0831 IST, Brent crude oil prices for June delivery rose to $106.55 a barrel from $105.33 a barrel Friday. The high oil prices also weighed on the Thai baht due to the large size of oil imports of the country. The baht fell 0.1% against the dollar. (Divya Moolayattil)

 

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India Rupee: Expected range for rupee - Apr 27

 

MUMBAI – 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
Public-sector bank	94.50	94.00
Public-sector bank	94.40	94.00
Private-sector bank	94.37	94.02
Private-sector bank	94.50	94.10
Foreign bank	94.50	93.75
Brokerage firm	94.50	93.90
Brokerage firm	94.40	94.00
Brokerage firm	94.50	94.00

 

 

 

 

 

 

 

 

 

 

 

End

 

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

 

Edited by Saji George Titus

 

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