Rupee closes near ₹95.05 per dollar as recent gains continue

Rupee closes near ₹95.05 — October 15 update

The Indian rupee ended Thursday, October 15, near ₹95.05 per US dollar. That was about 12 paise stronger than the previous session’s ₹95.17 close.

Reuters and PTI independently reported that a weaker dollar, lower crude-oil prices, gains in Indian equities and the continuing effect of the Reserve Bank of India’s recent foreign-exchange measures supported the currency. Reuters recorded the precise market close at ₹95.0550; PTI reported a provisional close of ₹95.05.

This closing rate supersedes the ₹94.91 intraday level recorded on the morning of October 14. The earlier information below is retained as background.

Summary: The Reserve Bank of India is opening a special facility to meet the daily dollar requirements of Indian Oil Corporation, Hindustan Petroleum and Bharat Petroleum as part of measures intended to ease pressure on the rupee.

• The facility takes effect on October 12, 2026.
• RBI will sell US dollars to the three companies through designated banks.
• The arrangement will meet their entire daily dollar requirements and remain in operation until further notice.
• It may reduce a major source of dollar demand in the spot foreign-exchange market, but it does not guarantee that the rupee will strengthen.

RBI has also tightened rules for rupee-linked foreign-exchange derivatives. The limit for transactions without proof of an underlying exposure has been reduced from $100 million to $5 million. Authorised dealers must maintain a 20% foreign-exchange risk reserve on eligible contracts above $2 million when users buy foreign currency to hedge current-account exposures.

The central bank also barred the rebooking of certain cancelled rupee-linked derivative contracts. Reports said the measures are intended to strengthen market discipline and verification of genuine exposures.

Update — October 12, 2026: The rupee strengthened by about 1% in early Monday trade as the RBI measures took effect. Reuters reported an opening level of ₹95.76 per US dollar, compared with Friday’s close of ₹96.73. Financial Express reported ₹95.77 and Moneycontrol ₹95.75; the small variation reflects different market snapshots. The move is an initial market reaction and does not guarantee a lasting recovery.

Further update — October 13, 2026: RBI Circular No. 27, dated October 12, expanded the 20% Foreign Exchange Risk Reserve requirement to all rupee-linked foreign-exchange derivative contracts in which authorised banks buy foreign currency against the rupee, including transactions used to hedge banks’ own assets and liabilities. It also limited non-deliverable rupee derivatives offered to non-resident clients through eligible IFSC banking units and certain primary dealers to hedging purposes. Reuters reported that the restrictions and higher hedging costs are intended to curb speculative demand; the rupee’s gains are not guaranteed to last.

Closing update — October 13, 2026: The rupee climbed as high as ₹95.0725 per US dollar before settling at ₹95.28, 0.5% stronger than the previous close, Reuters reported. Financial Express separately reported an intraday level of ₹95.16; that corroborates the direction of the move but is not the final settlement. Reuters linked the rally to RBI market intervention and new restrictions on dollar demand and derivatives.

Intraday update — October 14, 2026 (about 8:32 a.m. IST): Reuters reported the rupee at ₹94.9125 per US dollar, 0.4% stronger on the day and at its strongest level in more than a month. Financial Express separately reported ₹94.95 in early trade after an opening near ₹95.01. These are time-specific intraday quotations, not the day’s closing rate. Reuters attributed the move to RBI measures and Governor Sanjay Malhotra’s statement that the central bank is prepared to take further steps to ensure orderly movement in the currency.

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