Rupee gains for second straight day despite firm dollar, opens at 88.52/$

Indian Rupee today: The domestic currency opened 13 paise higher at 88.52 against the greenback on Thursday

The Indian Rupee advanced for the second consecutive session on Thursday, even as the dollar and crude oil prices were exerting pressure on the currency. 

 

The domestic currency opened 13 paise higher at 88.52 against the greenback on Thursday, according to Bloomberg. The Rupee has so far risen 0.18 per cent this month, while it fell 3.5 per cent this year.

 

The rupee closed at 88.655 on Tuesday, with the Reserve Bank of India (RBI) once again stepping in to prevent it from breaching the 88.80 level and ensuring a stronger opening against the dollar, analysts said. 

 

The currency pair remains largely stable, supported by the central bank’s consistent intervention to curb further depreciation from record lows, Anil Kumar Bhansali, head of treasury and executive director at Finrex Treasury Advisors LLP, said. 

   

Technically, weekly and monthly charts continue to indicate a bullish outlook for the pair as the RBI sells dollars, Bhansali said. "Markets are also awaiting progress on the trade deal, with Commerce Minister Piyush Goyal stating that discussions are in an advanced stage and Prime Minister Narendra Modi and US President Donald Trump reportedly in regular contact on the matter."

 

The RBI took charge this week, stepping in as a steady hand for the rupee, Amit Pabari, managing director at CR Forex Advisors. "Intervening strategically in both spot and offshore markets, the RBI defended key levels and prevented the currency from slipping further. Its timely actions provided a reliable anchor amid global volatility, helping the rupee find its footing on Tuesday."

 

The RBI has successfully defended the 88.80 level twice, establishing it as a strong resistance zone for USD/INR, while support now sits at 88.50–88.60, Pabari said. "A breakthrough in the India-US trade deal could lift sentiment and trigger a decisive move below 88.40, opening the path for potential appreciation toward 87.50-87.70, signalling that the rupee may be poised to regain momentum."

 

The dollar index held firm near the 100 mark, after hitting a high of 100.36, its strongest level since May 2025, supported by global risk-off sentiment and renewed demand for the safe-haven dollar. The measure of the greenback against a basket of six major currencies was up 0.16 per cent at 100.04.

 

In commodities, crude oil prices were slightly higher, with market pressure being exerted due to weak demand signals and a continuing global oil glut. Brent crude price was up 0.19 per cent at 63.64 per barrel, while WTI crude prices were higher by 0.22 per cent at 59.73 per barrel, as of 9:5 AM IST.