Looking at the USDINR chart above, we can see that the pair had climbed sharply from ~83 since October 2024, to nearly 88 by February 2025, driven by high crude prices and global risk-off sentiment. However, the pair has since corrected, now hovering around 85.92. Despite a softer USD overseas and lower crude oil prices, the Rupee hasn’t appreciated much—partly due to continued foreign outflows, RBI's active intervention, elevated gold prices, and ongoing US tariff tensions. Over recent months, the pair has settled into a narrow 84.80–86.50 range, with markets awaiting clearer global cues. While near-term bias leans slightly towards INR strength—especially if crude stays below $75 and the Dollar remains soft—any rebound in oil or rise in geopolitical stress could cap.

Looking at the USDINRchart above, we can see that the pair had climbed sharply from ~83 sinceOctober 2024, to nearly 88 by February 2025, driven by high crude prices andglobal risk-off sentiment. However, the pair has since corrected, now hovering around85.92. Despite a softer USD overseas and lower crude oil prices, the Rupeehasn’t appreciated much—partly due to continued foreign outflows, RBI's activeintervention, elevated gold prices, and ongoing US tariff tensions. Over recentmonths, the pair has settled into a narrow 84.80–86.50 range, with marketsawaiting clearer global cues. While near-term bias leans slightly towards INRstrength—especially if crude stays below $75 and the Dollar remains soft—anyrebound in oil or rise in geopolitical stress could cap.