The rupee consolidated in a narrow range, settling down by 6 paise at 88.68 (provisional) against the US dollar on Thursday, influenced by foreign fund outflows and persistent dollar demand from local importers, particularly oil companies.
Forex traders remarked that the rupee is trading within a tight range, bolstered by an overnight decline in crude oil prices and renewed optimism regarding US-India trade talks, which has provided some stability and limited the currency’s downward movement. The rupee opened at 88.66 against the dollar and reached an intra-day high of 88.63 and a low of 88.73.
Ultimately, the domestic currency closed at 88.68 (provisional), reflecting a loss of 6 paise from the previous day. On Wednesday, the rupee had depreciated by 12 paise, ending the day at 88.62 against the dollar.
Anuj Choudhary, Research Analyst at Mirae Asset ShareKhan, indicated expectations of slight negative pressure on the rupee due to dollar demand from importers. However, a positive sentiment in domestic markets and declining global crude oil prices may offer support at lower levels, with the USD-INR spot price projected to trade within a range of 88.40 to 89.
In related financial markets, the dollar index was trading 0.29 percent lower at 99.20, following the Trump administration’s passage of a bill to end a 43-day government shutdown. Meanwhile, Brent crude, the global oil benchmark, traded 0.21 percent lower at $62.58 per barrel in futures.
On the domestic equity front, the Sensex closed marginally up at 84,478.67, while the Nifty ended almost flat at 25,879.15. Foreign Institutional Investors offloaded equities worth ₹1,750.03 crore on Wednesday, according to exchange data.
Additionally, the government approved an Export Promotion Mission (EPM) with an outlay of ₹25,060 crore for six financial years, starting this fiscal year. This initiative is intended to aid exporters facing high tariffs imposed by the US, and will be implemented through two sub-schemes: Niryat Protsahan (₹10,401 crore) and Niryat Disha (₹14,659 crore).
On the macroeconomic front, retail inflation plummeted to a record low of 0.25 percent in October, following reductions in GST rates on nearly 380 mass consumption items, alongside subdued prices of vegetables, fruits, and eggs. This marks the lowest inflation rate in the current series (base year 2012), which has been tracking data since January 2014. Inflation was recorded at 1.44 percent in September and 6.21 percent in October 2024.
Published on November 13, 2025.
