Rupee climbs for third day to strongest level in over a week at 88.59/$

Indian Rupee today: The domestic currency closed two paise higher at 88.59 against the greenback on Wednesday, according to Bloomberg

The Indian Rupee advanced for the third straight session on Wednesday, climbing to a one-week high amid lower crude oil prices and optimism over a potential trade deal.

 

The domestic currency closed two paise higher at 88.59 against the greenback on Wednesday, according to Bloomberg. The curreny rose to 88.42, rising 19 paise in Wednesday's intraday session. The Rupee has risen 0.29 per cent this month, while it has fallen 3.48 per cent this year, amongst the worst-performing Asian currencies. 

 

The currency continues to move in a narrow band, facing firm resistance at 88.80-89.00 and finding initial support near 88.40, Amit Pabari, managing director at CR Forex Advisors, said. The tilt is slowly turning in favour of the rupee, he said, adding that a clear break below 88.40 could open the path toward 88.00-87.70, signalling further rupee strength.

   

Meanwhile, India’s chances of entering the Bloomberg Global Aggregate Index have strengthened after large foreign portfolio investors (FPIs) gave positive feedback on the country’s bond market operations, with an official announcement expected as early as January 2026, according to a Business Standard report.  

The Rupee has been recovering gradually, though the pace remains slow and has yet to translate into meaningful gains in the currency pair, Anil Kumar Bhansali, head of treasury and executive director at Finrex Treasury Advisors LLP, said. Markets continue to watch developments on the India-US trade deal, he said. 

 

The dollar index traded higher as the odds of a rate cut in December continued to fade. All eyes are locked on Thursday’s official US jobs report, the one that could set the tone for the Federal Reserve’s next move, analysts said. The measure of the greenback against a basket of six major currencies was up 0.18 per cent at 99.72.

 

In commodities, crude oil prices edged lower amid concerns about global oil oversupply. Brent crude price was down 0.46 per cent at 64.59 per barrel, while WTI crude prices were lower by 0.40 per cent at 60.50 per barrel, as of 3:30 PM IST.