Indian rupee (INR) Exchange Rates & Currency Deals

Bias USD/INR is bullish-to-range-bound, as it sits above its 90-day average and in the upper half of the 3-month range. A Fed move toward neutral in 2026 could narrow the gap and curb upside, while RBI steps keep rupee under pressure. Key drivers - Rate gap: The US Federal Reserve is expected to cut rates toward neutral in 2026, which could narrow the USD/INR gap and limit further upside in USD/INR. - Macro factor: RBI interventions to stabilise the rupee remain in play as capital outflows persist and India runs a trade deficit risk. Range USD/INR is likely to hold within the current three-month range, with a drift toward the upper end if external risks rise. What could change it - Upside risk: stronger US data or a hawkish Fed stance could push USD/INR higher. - Downside risk: softer US data or clearer RBI steps to support the rupee could push USD/INR lower