Rupee Watch: Rupee fall on partial RBI rollback; Asian peers trade mixed
April 21, 2026
The Reserve Bank of India, after market hours on Monday, partially rolled back restrictions it had imposed on corporates and other users and on certain related-party transactions undertaken by banks.
The Indian rupee opened lower against the US dollar on April 21, after central bank’s partial rollback of FX curbs alongside looming U.S.-Iran risks. The other Asian currencies were trading mixed.
At 9:08 am, the domestic currency was trading at 93.33 against the US dollar, up 21 paise from its previous close of 93.12 after central bank’s partial rollback of FX curbs alongside looming U.S.-Iran risks.
The Reserve Bank of India, after market hours on Monday, partially rolled back restrictions it had imposed on corporates and other users and on certain related-party transactions undertaken by banks.
The RBI withdrew directions barring banks from offering non-deliverable forwards to resident and non‑resident users and dropped curbs that prevented users from rebooking foreign exchange derivative contracts.
The restrictions were introduced about three weeks ago, primarily to prevent corporates from engaging in arbitrage between onshore and offshore markets. That move, coupled with prior measures to cap the onshore position size of banks, helped the rupee recover from a all-time low of 95.21 hit in late March.
According to Finrex, A major chunk of demand still remains outside the market, and the Indian rupee is expected to trade in the range of 92.50 to 93.50 against the US dollar in the coming days, supported by the return of some dollar bids.
The buying syndrome continues in the market despite the restrictions as seen after the 10th April, the day when Banks had to unwind all positions of arbitrage that they had taken, it added.
It further added that the exporters may continue to sell on upticks for their cash/spot positions while importers may continue to buy the dips and major dips that they get in coming days.
Oil prices fell, reversing gains in the previous session, on expectations peace talks between the U.S. and Iran will take place this week and allow more supply to flow from the key Middle East producing region.
Asian currencies were trading mixed with Indonesian rupiah and Taiwan dollar up 0.2 percent each, while Philippine peso edged up 0.09 percent.
On the other hand, Thai baht shed 0.15 percent, Singapore dollar shed 0.11 percent, and Japanese yen down 0.11 percent.
The dollar index, which measures the greenback against a basket of currencies including the yen and the euro, was steady at 98.087 after a 0.2% decline on Monday.
At 9:08 am, the domestic currency was trading at 93.33 against the US dollar, up 21 paise from its previous close of 93.12 after central bank’s partial rollback of FX curbs alongside looming U.S.-Iran risks.
The Reserve Bank of India, after market hours on Monday, partially rolled back restrictions it had imposed on corporates and other users and on certain related-party transactions undertaken by banks.
The RBI withdrew directions barring banks from offering non-deliverable forwards to resident and non‑resident users and dropped curbs that prevented users from rebooking foreign exchange derivative contracts.
The restrictions were introduced about three weeks ago, primarily to prevent corporates from engaging in arbitrage between onshore and offshore markets. That move, coupled with prior measures to cap the onshore position size of banks, helped the rupee recover from a all-time low of 95.21 hit in late March.
According to Finrex, A major chunk of demand still remains outside the market, and the Indian rupee is expected to trade in the range of 92.50 to 93.50 against the US dollar in the coming days, supported by the return of some dollar bids.
The buying syndrome continues in the market despite the restrictions as seen after the 10th April, the day when Banks had to unwind all positions of arbitrage that they had taken, it added.
It further added that the exporters may continue to sell on upticks for their cash/spot positions while importers may continue to buy the dips and major dips that they get in coming days.
Oil prices fell, reversing gains in the previous session, on expectations peace talks between the U.S. and Iran will take place this week and allow more supply to flow from the key Middle East producing region.
Asian currencies were trading mixed with Indonesian rupiah and Taiwan dollar up 0.2 percent each, while Philippine peso edged up 0.09 percent.
On the other hand, Thai baht shed 0.15 percent, Singapore dollar shed 0.11 percent, and Japanese yen down 0.11 percent.
The dollar index, which measures the greenback against a basket of currencies including the yen and the euro, was steady at 98.087 after a 0.2% decline on Monday.