Currencies

Rupee falls 20 paise to close at 95.38 against U.S. dollar


At the interbank foreign exchange market, the Rupee opened at 95.25 against the American currency and traded in a range of 95.22-95.48 during the session. Image used for representational purposes only.

At the interbank foreign exchange market, the Rupee opened at 95.25 against the American currency and traded in a range of 95.22-95.48 during the session. Image used for representational purposes only.
| Photo Credit: Getty Images/iStockphoto

The Rupee depreciated 20 paise to close at 95.38 (provisional) against the U.S. dollar on Monday (July 6, 2026) as a strengthening greenback weighed on emerging market currencies.

At the interbank foreign exchange market, the Rupee opened at 95.25 against the American currency and traded in a range of 95.22-95.48 during the session.

The Rupee finally closed at 95.38 (provisional), down 20 paise from its previous close.

On Friday (July 3, 2026) , the rupee appreciated 17 paise to close at 95.18 against the U.S. dollar.

“Indian rupee declined as the U.S. dollar firmed up, as markets continue to price in one rate hike this year. However, positive domestic markets and weakness in crude oil prices supported the rupee,” said Anuj Choudhary, Research Analyst, Mirae Asset ShareKhan.

Mr. Choudhary further added that “hedging demand from importers may cap sharp upside. Traders may take cues from ISM services PMI data from the U.S. USD-INR spot price is expected to trade in a range of 95.10 to 95.60”.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading at 101.12, up 0.26%.

Brent crude, the global oil benchmark, was trading lower by 0.76% at $71.57 per barrel in futures trade.

On the domestic equity market front, the Sensex jumped 521.16 points to settle at 78,285.07, while the Nifty rose 159.50 points to 24,430.35.

Foreign institutional investors turned net buyers, purchasing equities worth ₹1,355.33 crore on a net basis on Friday (July 3, 2026), according to exchange data.

Forex traders said whenever fresh foreign inflows enter the country, the central bank is likely to use the opportunity to rebuild its reserve position rather than allowing the rupee to strengthen too much.

India’s forex reserves dropped $5.654 billion to $666.933 billion during the week ended June 26, the RBI said on Friday (July 3,2026).

In the previous reporting week, the kitty jumped $963 million to $672.587 billion.

The kitty had expanded to an all-time high of $728.494 billion during the week ended February 27 this year before the onset of the West Asia conflict, which led to several weeks of a drop as the rupee came under pressure and the RBI had to intervene in the forex market through dollar sales.



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