Indian rupee snaps 4-day losing streak, closes 14 paise higher at 96.28 on likely RBI intervention

Elevated tensions in West Asia, which pushed up global oil prices, maintained pressure on the local unit, forex traders said

Published - July 17, 2026 05:22 pm IST | Mumbai

PTI

The rupee rose 14 paise to settle at 96.28 (provisional) against the U.S. dollar on Friday (July 17, 2026), on possible intervention from the Reserve Bank of India after four consecutive sessions of decline.

Elevated tensions in West Asia, which pushed up global oil prices, maintained pressure on the local unit, forex traders said.

In the interbank foreign exchange market, the rupee opened at 96.35 against the greenback and traded in a narrow range of 96.27–96.41. It eventually settled at 96.28 (provisional), up 14 paise from its previous close.

The rupee depreciated for the fourth straight day on Thursday (July 16, 2026), shedding 17 paise to settle at 96.42 against the U.S. dollar.

The U.S. expanded its airstrike campaign against Iran early on Friday (July 17, 2026), by increasingly hitting bridges, part of President Donald Trump's threats to start striking infrastructure to pressure Tehran to ease its chokehold on the Strait of Hormuz. Iran launched new missile attacks against U.S.-allied nations in West Asia and warned that its attacks would escalate.

Market commentary

"The rupee was broadly steady on Friday (July 17, 2026), after a likely Reserve Bank of India (RBI) intervention halted its four-day decline," said Anil Kumar Bhansali, Head of Treasury and Executive Director, Finrex Treasury Advisors LLP.

"With no major domestic triggers, the currency continued to consolidate after recent weakness. However, the broader bias for the rupee remains weak as elevated crude oil prices and cautious foreign fund flows continue to weigh on sentiment."

"Market participants will closely monitor global developments, crude oil movement, and FII activity for the next directional move," said Jateen Trivedi, VP Research Analyst—Commodity and Currency, LKP Securities.

Technically, the rupee is expected to trade in the 96.00–96.55 range, with the overall trend continuing to favour weakness, Mr. Trivedi added.

Key market data

• Dollar index: Trading marginally down by 0.01% at 100.75
• Brent crude: Trading 1.60% higher at $85.58 per barrel in futures trade
• Sensex: Jumped 964.58 points to settle at 78,151.45
• Nifty: Surged 261.55 points to 24,334.30
• FII activity: Foreign Institutional Investors offloaded equities worth ₹4,205.56 crore on a net basis on Thursday (July 16, 2026), according to exchange data.