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Rupee jumps to 93.53 per dollar after RBI curbs speculative trades, bond yields steady, but high oil, foreign outflows and global tensions keep currency risks elevated
By Anshul April 2, 2026, 9:12:52 AM IST (Updated)
2 Min Read
The Indian rupee strengthened sharply in early trade on Thursday (April 2), opening at 93.53 against the US dollar compared with Monday’s (March 30) close of 94.83.
The move marks an appreciation of 1.30 rupees, or about 1.37%.
The gains come after the Reserve Bank of India
(RBI) rolled out fresh measures to curb speculative activity in the currency market. The central bank barred banks from offering rupee non-deliverable forwards (NDFs) to clients and restricted companies from rebooking cancelled forward contracts, in a bid to reduce arbitrage opportunities and stabilise the currency.
Market participants expect these steps to trigger significant dollar sales as traders unwind positions, supporting the rupee in the near term.
India’s financial markets remained shut on Tuesday (March 31) and Wednesday (April 1) due to local holidays.
Meanwhile, the benchmark 10-year government bond yield was little changed at 7.03%, indicating stability in the debt market.
Despite the rebound, underlying pressures persist. Elevated crude oil prices, weak capital flows, and concerns over India’s balance of payments continue to weigh on sentiment.
Foreign investors sold a net $419.1 million worth of Indian equities on March 30, according to NSDL data, though they bought $98.1 million in bonds.
Globally, risk sentiment remains fragile.
Comments from Donald Trump on the Iran conflict, coupled with rising geopolitical tensions, pushed Brent crude prices up nearly 5% and lifted the dollar index by 0.3%.
Analysts warn that prolonged tensions and sustained outflows could keep the rupee vulnerable, with some projecting a potential slide beyond the 95 mark if pressures intensify.
-With agencies inputs
First Published:
Apr 2, 2026 9:09 AM
IST
