Rupee closes at 95.18 per dollar as oil prices stay high
The Indian rupee closed at 95.18 per dollar on Monday, weaker than its previous close of 94.94.
Higher oil prices and importers buying dollars put pressure on the currency.
On October 10, the Reserve Bank of India introduced measures to limit the rupee’s fall, including redirecting some oil companies’ dollar purchases away from the spot market and tightening hedging rules.
The rupee had also been supported by foreign investment linked to the Jio Platforms IPO, but those inflows have now dried up.
Brent crude was trading around $115 a barrel, and costly oil leaves the rupee vulnerable because India needs dollars to pay for imports.
The rupee is expected to trade between 95 and 95.50 per dollar on Tuesday, while analysts say it could face more pressure if oil stays high and dollar demand continues.
The Indian rupee closed at 95.18 per dollar on Monday, weakening past the 95 mark.
It had closed at 94.94 previously, and traded between 94.90 and 95.26 during the day.
Higher oil prices and continued demand for dollars from importers weighed on the currency.
Brent futures were trading around $115 per barrel on Monday.
The rupee was at its weakest level in nearly two weeks, as support from Jio Platforms IPO-related inflows faded.
Who
The Indian rupee and the US dollar. Currency analysts and traders cited in the article discussed the factors affecting the rupee.
What
The rupee closed at 95.18 per dollar, down from its previous close of 94.94.
When
Monday; the article was published on October 27, 2026.
Where
India; the article reports the rupee’s close in the Mumbai market.
Why
Higher oil prices and importer demand for dollars weighed on the rupee. The article also cites fading support from Jio Platforms IPO-related inflows and reduced RBI dollar-selling intervention.
This story does not have two clearly opposing sides.
The Reserve Bank of India announced measures to support the rupee, including diverting state oil retailers’ dollar purchases away from the spot market and tightening hedging rules.
Inflows linked to the Jio Platforms IPO supported the rupee, but that support had faded by Monday.
The rupee traded between 94.90 and 95.26 and closed at 95.18 per dollar.
Dilip ParmarCurrency research analyst, HDFC Securities
Oil demand has shifted from the spot market, so the dollar demand seen today was likely from importers.
via Economic Times
A
Anindya BanerjeeHead of currency research, Kotak Securities
The broad range is between 94 and 97, and I expect more measures as soon as the rupee starts inching weaker than 96.50 levels.
via Economic Times
A
Anil BhansaliHead of treasury, Finrex Treasury Advisors
The RBI's reduced dollar-selling intervention has left the rupee more exposed to market demand and the currency is likely to remain under pressure while crude prices stay elevated and importer dollar demand persists.
