The rupee closed at 95.75 after a 96‑paise climb, marking the steepest single‑day advance in over six months—its last comparable jump was 166 paise on April 2.
The market opened at 95.61, with an intraday high of 95.57 and a low of 95.96. RBI tightened forex derivative rules, mandating a 20% reserve for banks on dollar purchases exceeding $2 million and prohibiting rebooking of cancelled derivative contracts.
The dollar index hovered at 102.38, up 0.17%, while Brent crude traded at $105.70, up 0.94% per barrel. Analysts say any sustained recovery will hinge on oil prices, cross‑border capital flows and global sentiment.
Meanwhile, Indian equities slipped: Sensex fell 547.65 points to 71,924.68, and Nifty dropped 157.10 points to 22,363.35. Foreign institutional investors shed equities worth ₹3,568.90 crore on a net basis.
RBI’s forex reserves slipped $12.952 billion to $734.606 billion for the week ending Oct 2, down from $747.557 billion the week before. The central bank’s new measures aim to curb speculative positions against the rupee and dampen dollar demand in the spot market.
Traders will keep an eye on upcoming Fed policy moves and India’s GDP data, while analysts expect RBI’s interventions to provide short‑term support—though a long‑term rebound will depend on global market dynamics and crude oil price trends.