Rupee Gains 9 Paise to 94.80 per Dollar Amid RBI Intervention

The rupee rose 9 paise to 94.80 against the U.S. dollar in early trade on Monday, October 19, 2026, as the Reserve Bank of India stepped up structural forex interventions. Traders said this marks the sharpest rally in seven months, but the surge in Brent crude to around $110 per barrel remains the biggest threat to the recovery. The currency is edging close to a key support zone near 94, while high oil prices, rising U.S. Treasury yields and steady foreign capital outflows have forced the RBI to act. In the interbank market the rupee opened at 94.90, touched 94.80 and recorded a 9‑paise gain from its previous close. On Friday it had settled 10 paise higher at 94.89. "With USDINR holding below 95.00 for the last three sessions, the focus shifts to 94.80–94.70. A sustained break below 94.80 could open the way towards 94.00 over the coming weeks," said CR Forex Advisors MD Amit Pabari, adding that elevated crude prices remain a key risk and the rupee’s next move will depend on oil. The dollar index slipped marginally to 101.83, down 0.01 per cent. Brent crude futures fell 1.88% to $107.79 per barrel amid attacks on commercial vessels near the Strait of Hormuz and fears of a supply shock. On the equity front, the Sensex slipped 470.50 points to 74,318 and the Nifty dropped 147.10 points to 22,999.05. Foreign Institutional Investors bought equities worth ₹1,165.92 crore on a net basis on Friday. RBI data released on Friday showed India’s foreign‑exchange reserves fell by $8.578 billion to $726.027 billion for the week ended Oct 9, following a $12.952 billion decline in the previous week.## Context The RBI often intervenes in the forex market to curb excessive rupee volatility, especially when oil prices rise, because India imports most of its oil and higher crude costs can weaken the currency.