The rupee closed at ₹96.43 on Tuesday, down 8 paise from the previous day’s 96.35, after a trading range of 96.29–96.45. Global crude fell 1.68% to $98.63, and the dollar index slipped to 102.03, curbing the rupee’s decline.
Anuj Choudhary, research analyst at Mirae Asset Sharekhan, noted the currency traded weakly but recovered from its low as oil prices eased and the U.S. dollar softened. He projects a negative bias due to U.S.–Iran uncertainty but expects the rupee to trade in a ₹96.15‑₹96.60 corridor.
The Reserve Bank of India is set to meet again on Wednesday, with a 25‑basis‑point hike anticipated to lift the policy repo rate to 5.25%—the first increase since February 2023. The RBI’s stance follows a hawkish tilt seen across global central banks amid West Asian tensions.
Meanwhile, Indian equity markets responded positively: the Sensex gained 685.34 points to 73,067.81, and the Nifty climbed 220.35 points to 22,776.10. Foreign institutional investors net sold ₹4,699.14 crore of equities on Monday.
Looking ahead, traders will watch the Fed’s October policy outlook and any shift in crude oil pricing. The rupee’s near‑term range will hinge on the RBI’s next move and the unfolding U.S.–Iran diplomatic saga.