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FinanceIndian Rupee Rises 5 Paise to 96.48 in Early Trade Amid Suspected RBI Intervention
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The Indian rupee appreciated by 5 paise to 96.48 against the US dollar in early trade on July 23, 2026, driven by suspected Reserve Bank of India (RBI) intervention through state-owned banks selling dollars. The slight gain came despite headwinds including Foreign Institutional Investor (FII) outflows of ₹819.20 crore, sustained negative sentiment in domestic equity markets (Sensex down 230 points, Nifty down 57 points), and elevated global crude oil prices at $96.20 per barrel due to heightened US-Iran military tensions. The US military conducted a 12th night of strikes against Iran, with President Trump threatening to destroy Iranian infrastructure in response to attacks on ships. A weaker US dollar index (down 0.14% to 100.97) provided some support. Analysts expect the rupee to trade in a 96.50-96.65 range with downside risks, though RBI intervention is likely to limit losses. The rupee had closed at 96.53 on July 22, near its all-time low.
Source report
Foreign Institutional Investor outflows and sustained negative sentiments in the domestic equity markets added pressure on the local unit, while a weaker greenback provided some respite, said forex traders.
Published - July 23, 2026 11:29 am IST | Mumbai
PTI
The rupee rose 5 paise to 96.48 against the U.S. dollar in early trade on Thursday (July 23, 2026), on possible intervention by the Reserve Bank even as heightened tensions in West Asia maintained pressure on global crude oil prices.
Foreign Institutional Investor outflows and sustained negative sentiments in the domestic equity markets added pressure on the local unit, while a weaker greenback provided some respite, forex traders said.
At the interbank foreign exchange, the rupee opened at 96.53 before inching up to 96.48, up 5 paise from its previous close.
The rupee depreciated by 28 paise to close at 96.53 against the U.S. dollar on Wednesday (July 22, 2026).
Market Commentary
"State-owned banks were seen selling dollars — widely viewed as intervention on behalf of the RBI — around the 96.50 level, preventing a steeper depreciation but the closure remained lower for the rupee on Wednesday [July 22, 2026]. Rupee remains near its all-time closing low and if oil prices keep rising we may see it crossing this level, too," said Anil Kumar Bhansali, Head of Treasury and Executive Director, Finrex Treasury Advisors LLP.
The U.S. military announced on Wednesday (July 22, 2026) that it was conducting a 12th night of strikes against Iran as both sides increasingly targeted civilian infrastructure. President Donald Trump warned earlier on Wednesday that the U.S. would destroy one bridge or power plant each time Iran shoots at a ship in the strait.
"The rupee is expected to move in the range of 96.50-96.65 in Thursday's session, with risk tilted to the downside, although support from the RBI is likely to limit the losses. Key support would be at 96.10-95.80," said Aamir Makda, Commodity and Currency Analyst, Technical Research, Choice Broking.
Key Market Data
- Dollar Index: Trading lower by 0.14% at 100.97
- Brent Crude: Trading 2.26% higher at $96.20 per barrel in futures trade
- Domestic Equity Markets: Sensex declined 230.95 points to 76,521.02 in early trade; Nifty was down 57.15 points to 23,937
- FII Activity: Foreign Institutional Investors offloaded equities worth ₹819.20 crore on a net basis on Wednesday (July 22, 2026)
Forex traders said crude oil prices remain elevated amid concerns over the security of oil shipments through the Red Sea and Strait of Hormuz.
Source
The Hindu: Latest News today from India and the World, Breaking news, Top Headlines and Trending News Videos.Regional
Part of this Story
Indian Rupee Fluctuates Amid US-Iran Tensions and Fed Policy