New Delhi: The rupee on Thursday recovered 100 per US dollar in the forward market and was trading at 96.43 against the US dollar as Trump hinted negotiations with Iran entered the final stages.
At the interbank foreign exchange market, the rupee opened at 96.25 against the dollar, then touched an early high of 96.05 and a low of 96.60 in intraday trade on Thursday.
The one-year forward market rate for the rupee touched the crucial 100/USD mark on Wednesday, indicating that currency markets are pricing in a weakening bias for the USD/INR pair over the next 12 months, forex traders said.
Indian Rupee is the worst performing currency and has fallen over 9 per cent in 2026 to a record low of 96.97, just away from 97-mark. The Rupees sharp fall against the greenback may soon be affecting beyond daily commodities, according to experts. Concerns now loom as the RBI may eventually hike up the interest rates to control inflation and stabilize the currency.
Meanwhile, the RBI has announced a $5billion USD/INR buy-sell swap auction. scheduled to take place next week on Tuesday, May 26, the central bank’s move is specifically engineered to inject durable, long-term Rupee liquidity into the commercial banking system.
The domestic unit is under pressure amid the elevated crude oil prices, which is around $105 per barrel, a jump of 30 per cent from pre-war prices of $70 per barrel.
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