Rupee weakens for third session as importers step up dollar bids, foreign

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The ⁠rupee opened little changed against the US dollar, but slipped to end at 95.1850, down 0.3% for the ‌day

By Reuters

Updated - October 26, 2026 at 03:44 PM. | MUMBAI

The Indian rupee declined for the third consecutive ​trading session on Monday as importers stepped up dollar ‌purchases, while elevated oil prices and foreign outflows ​also weighed on the local currency.

The ⁠rupee opened little changed against the US dollar, but slipped to end at 95.1850, down 0.3 per cent for the ‌day. It has fallen about 0.8 per cent in three sessions.

Benchmark Brent crude jumped for a ‌third straight week last week, and it has ‌risen ⁠around 13 per cent in that time on ⁠mounting concerns over supply disruptions following attacks by Houthis on Saudi Arabia.

The contract traded at around $115 a barrel in Asian hours on ​Monday.

Higher oil prices could ‌widen India's import bill, stoke inflationary pressures and weigh on sentiment towards the rupee. They could also push companies to increase currency hedges and make ‌foreign investors more cautious about Indian assets.

"If ​the geopolitical conflict continues, there will be pressure on oil prices, currency and broader ⁠earnings recovery," said Vaibhav Shah, head of products, business strategy and international business at Mirae Asset Mutual ‌Fund.

"Global capital has moved toward markets with direct exposure to the chip and artificial intelligence boom," he added.

Foreign investors have net sold Indian equities worth nearly$5 billion so far in October, following net sales of $3.75 billion in September, depository data showed.

The rupee ‌had found support in recent sessions from RBI dollar sales ​and inflows linked to the Jio Platforms IPO, but the absence of such support ⁠on Monday left it more exposed to importers' dollar ⁠demand, traders said.

All eyes are now on the US Federal Reserve's monetary policy decision on ‌Wednesday, with a widely expected rate pause on the cards and the focus on the ​interest rate trajectory.

Published on October 26, 2026

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