Rupee Rises to 95.64 Against US Dollar on Lower Oil Prices, Weak Dollar
The Indian rupee continued its upward trend, strengthening by 35 paise to trade at 95.64 against the US dollar in early trade on Tuesday (July 28, 2026). The rise was driven by lower crude oil prices and a weak US dollar index, amid easing geopolitical tensions.
Forex traders noted that positive sentiment in equity markets also supported the domestic currency. At the interbank foreign exchange, the rupee opened at 95.75 and gained further to touch 95.64, up 35 paise from its previous closing level.
On Monday (July 27), the rupee had appreciated sharply by 54 paise to close at 95.99 against the greenback, following a 20-paise gain in the preceding session on Friday (July 24).
The dollar index, which measures the greenback's strength against six major currencies, was trading 0.06% lower at 101.31. Meanwhile, Brent crude, the global oil benchmark, fell 1.43% to $87.10 per barrel in futures trade.
Analysts attributed the decline in oil prices to a reduction in hostilities in the Middle East, as the US and Iran refrained from attacking each other's targets for the third consecutive day. Mediators also made progress in bringing both sides back to negotiations. US President Donald Trump stated that Iran had requested more discussions, though Iran denied direct talks.
On the domestic equity front, the Sensex rose 14.66 points (0.02%) to 76,850.44, and the Nifty gained 27.10 points (0.11%) to 24,023.45.
Despite the rupee's gains, foreign institutional investors (FIIs) continued to exit Indian markets, offloading equities worth Rs 1,688.23 crore on a net basis on Monday (July 24), according to exchange data.
