INR vs USD Rate, October 8, 2026: Rupee Falls 13 Paise To Close at 96.88 Against US Dollar

Mumbai: The rupee depreciated by 13 paise to close at 96.88 (provisional) against the US dollar on Thursday, on risk aversion in global markets amid escalation of geopolitical tensions.

Forex traders said the rupee is under pressure amid persistent macroeconomic headwinds, including global dollar strength (DXY trading near multi-month highs) and elevated Brent crude prices hovering near USD 104 per barrel.

However, suspected intervention by the Reserve Bank of India supported the domestic unit at lower levels.

At the interbank foreign exchange market, the rupee opened at 96.71 against the US dollar; in intraday trade, the rupee touched a high of 96.65 and a low of 96.79 against the greenback.

At the end of the trading session on Thursday, the rupee closed at 96.88 (provisional), down 13 paise over its previous close.

On Wednesday, the rupee closed at 96.75 against the American currency.

“We expect the rupee to trade with a negative bias on risk aversion in global markets amid escalation of geopolitical tensions. A strong dollar and surge in crude oil prices may also pressurise the rupee.

“However, declining odds of a rate hike by the US Fed in October and any intervention by the RBI may support the rupee at lower levels. Traders may also take cues from weekly unemployment claims data out of the US,” said Anuj Choudhary, Research Analyst, Mirae Asset Sharekhan.

Forex traders said investors will wait for the RBI to take action against speculation on the USD/INR pair, with the Governor Sanjay Malhotra assuring to help in finding rupee to its true value, which is undervalued presently.

“We will ensure that the rupee stabilises, that the rupee finds its correct value, and we will support an orderly movement of the rupee in finding its correct value and at the same time in ensuring that there is no excessive volatility,” the RBI governor said on Wednesday.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading at 102.40, higher by 0.16 per cent.

Brent crude, the global oil benchmark, was trading higher by 4.20 per cent at USD 104.41 per barrel in futures trade amid concerns over disruptions to crude supplies through the Strait of Hormuz.

The resurgence in crude oil prices is largely fuelled by ongoing geopolitical tensions in the Middle East, where attacks on commercial shipping in the Gulf and Strait of Hormuz threaten global supply lines.

On the domestic equity market front, Sensex tumbled 1,045.46 points to settle at 71,593.24, while the Nifty slumped 371.25 points to 22,231.80.

Foreign Institutional Investors (FIIs) offloaded equities worth Rs 6,121.37 crore on a net basis on Wednesday, according to exchange data.

(Disclaimer: Except for the headline, this article has not been edited by HDFC Sky editorial team and is auto-generated from PTI feed.)