Rupee gains to ₹94.88 as RBI sells dollars to steady
The rupee got a small boost on Monday, October 19, 2026, opening higher at 94.88 against the US dollar, up by eight paise from Friday's close of 94.96.
This uptick mainly comes from the Reserve Bank of India (RBI) stepping in to sell dollars and help steady things as global financial pressures build.
Oil prices and outflows pressure rupee
Even with RBI's efforts, the rupee isn't totally out of the woods.
Soaring crude oil prices (Brent hit $110 a barrel) mean India has to spend more on imports, pushing up demand for dollars.
Plus, foreign investors have been pulling money out, which hasn't helped.
The RBI's moves come amid India's reserves declining by nearly $60 billion from their record high in the first week of September to $726 billion as of October 9, and everyone's watching closely as the rupee hovers near that 95-per-U.S.-dollar mark.