The rupee opened at 93.05 in the interbank market before easing further, giving up part of the previous session’s gains. On Monday (April 6), the currency had risen 28 paise to settle at 92.90 after stabilisation measures by the Reserve Bank of India helped curb volatility.
Despite Tuesday’s (April 7) decline, the rupee continues to hover around the 93-per-dollar mark, suggesting a degree of near-term stability following sharp swings in recent sessions.
The RBI’s tightening of rules on speculative positions, including a cap on banks’ net open exposures, has played a key role in anchoring the currency after its slide towards 95 levels.
However, pressure points remain intact. Elevated global crude prices — with Brent crude trading above $111 per barrel — are a concern for India’s external balances, while sustained foreign portfolio outflows reflect a broader risk-off sentiment.
Market participants also flagged geopolitical risks as a key overhang. The rupee remains sensitive to developments in the US-Iran conflict, with any escalation likely to push oil prices higher. Recent warnings from Donald Trump have kept markets on edge, particularly around the Strait of Hormuz.
Analysts said the rupee is likely to remain range-bound in the near term, broadly between 92.50 and 93.50, as investors await the outcome of the ongoing policy meeting of the Reserve Bank of India Monetary Policy Committee, which is set to announce its decision on Wednesday (April 8).
–With Reuters inputs
First Published: Apr 7, 2026 9:08 AM IST
