Rupee falls 12 paise to close at 94.93 against US dollar

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The rupee opened at 94.78/$, fell to a intraday low of 94.98, and settled at 94.93 (provisional), down 12 paise from the previous close

By PTI

Updated - October 23, 2026 at 04:44 PM. | Mumbai

The rupee depreciated for the second consecutive day and fell 12 paise to close at 94.93 (provisional) against the US dollar on Friday, pressured by rising crude prices and sluggish domestic equities, with ongoing Saudi-Houthi tensions threatening to keep oil markets volatile.

Forex traders said the rupee is likely to trade with a slight negative bias on global dollar strength and Brent crude prices hovering near $114 per barrel.

Renewed tensions between Yemeni Houthis and Saudi Arabia may continue to impact crude oil prices, they said, adding that the US dollar index recovered while 10-year US Treasury yields slipped below the 5 per cent mark.

At the interbank foreign exchange market, the rupee opened at 94.78 against the dollar, then lost ground to touch an intra-day low of 94.98 and finally settled for the day at 94.93 (provisional), registering a decline of 12 paise over its previous close.

On Thursday, the rupee slumped 43 paise to close at 94.81 against the US dollar.

"We expect the rupee to trade with a slight negative bias on elevated crude oil prices amid escalation of tensions in the West Asia and weakness in domestic markets.

"Selling FIIs may also pressurise the rupee. However, softening of US treasury yields and any fresh intervention by the RBI may support the rupee at lower levels," said Anuj Choudhary, Research Analyst, Mirae Asset Sharekhan.

Traders may take cues from PMI data from the US and India, Choudhary said, adding that USD-INR spot price is expected to trade in a range of 94.65 to 95.25.

Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading at 101.73, higher by 0.12 per cent.

Brent crude, the global oil benchmark, was trading higher by 1.01 per cent at $114.31 per barrel in futures trade.

On the domestic equity market front, Sensex declined 125.56 points to settle at 73,123.83, while the Nifty dropped 87.65 points to 22,600.

Foreign Institutional Investors (FIIs) offloaded equities worth ₹3,458.70 crore on a net basis on Thursday, according to exchange data.

Forex traders said near-term dollar liquidity has improved following the Jio IPO.

Institutional demand is leading. Qualified Institutional Buyers bid 70.85 crore shares against 4.90 crore reserved, or 14.46 times.

Domestic financial institutions (banks, FIs and insurers) accounted for 34.51 crore shares and foreign institutional investors for 26.95 crore. Mutual funds were much smaller at 4.40 crore.

Published on October 23, 2026

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