The Reserve Bank of India likely stepped in to support the rupee, helping avert a sharper decline.(PTI)AI Quick ReadUSD vs INR: The Indian Rupee rebounded as much as 1.6% to 93.19 per dollar, against the US dollar in early deals, on Thursday, April 2, driven by the Reserve Bank of India (RBI) decision to curb banks’ net open positions in the onshore forward delivery market.
In the interbank forex market, the rupee opened at 94.62 against the US dollar and surged to 93.19 in early trade, marking a sharp gain of 151 paise, or 1.6%, compared to its previous close.
Earlier, the rupee had crossed the 95 mark on Monday before ending at 94.70 against the dollar. On Friday, it had hit a record low of 94.84, which led to intervention by the RBI.
Forex analysts noted that the domestic currency remained under pressure due to persistent foreign fund outflows, a stronger US dollar, and rising crude oil prices amid an uncertain geopolitical environment.
In a circular issued on March 27, 2026, the RBI limited banks’ net open positions in the rupee to $100 million, with compliance required by April 10.
Meanwhile, the dollar index, which measures the US dollar’s strength against a basket of six currencies, was up 0.32% at 99.77.
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Vaamanaa covers business and stock market news. Started in 2020, she has been producing news on digital platforms for over 4.5 years now. She writes on markets, commodities, IPOs, and industry. She has worked for news channels like Jagran New Media and Business Insider India. You can reach out to her at vaamanaa.sethi@htdigital.in.