Rupee Stabilizes Near 95.80 as RBI Intervention Counters Oil Pressure

The Indian rupee remained broadly stable near 95.80 per dollar on Tuesday as Reserve Bank of India intervention helped offset pressure from higher oil prices and corporate dollar demand. The rupee traded around 95.8050 after initially strengthening to 95.66. Traders reported dollar sales by state-run banks in the 95.75-95.85 region, helping contain the currency's decline. Higher oil prices remain an important risk because India imports a large share of its crude requirements. Brent recovered above $101 as investors waited for developments around potential US-Iran discussions. The RBI has also been active in the foreign-exchange market. Traders indicated that the central bank may have used dollar-rupee swaps to manage liquidity and support forward-market conditions. The currency is also being influenced by global rate expectations. The Federal Reserve and Bank of Japan raised rates last week, while markets are considering whether India's own central bank may need to maintain a restrictive stance. MarketMindFX View: USD/INR is currently holding inside the 95-96 region. Oil prices, RBI activity and global dollar strength are likely to remain the main drivers of the pair in the near term. Key Levels: USD/INR Support: 95.50, 95.00 USD/INR Resistance: 96.00, 96.50 Source: Reuters, September 22, 2026. MarketMindFX analysis.