What the USDINR price means
USDINR is the number of rupees one US dollar buys. At 96.32, a dollar costs ₹96.32. When USDINR rises, the rupee is weakening, because each dollar costs more rupees; when it falls, the rupee is strengthening. A move from 96.00 to 96.50 is a 50 paise rise in USDINR and a fall in the rupee.
Which rupee rate is which
| Rate | What it is | When |
|---|---|---|
| Live market rate (the chart) | The interbank USD/INR price, here from ICE Data Services via TradingView | Moves through the day |
| FBIL reference rate | The official benchmark, published by Financial Benchmarks India Pvt Ltd (FBIL) since July 2018, when it took over from RBI | Around 13:30 IST on business days |
| ECB reference rate (the cards above) | Worked out from the European Central Bank's euro rates: EUR/INR ÷ EUR/USD | Around 16:00 CET on working days |
| Bank, card and money changer rates | The rate you actually get, with the provider's margin added | Set by each provider |
FBIL works out its rate from actual USD/INR spot trades in a randomly chosen 15-minute window between 11:30 and 12:30 IST, taking a volume-weighted average after removing outliers. NSE uses this reference rate to settle its USDINR contracts on expiry. The ECB-based rate on this page is usually close to it, but it's set at a different time, so the two can differ on a volatile day.
Where USDINR has traded in 2025 and 2026
- 2025: the rupee fell 4.74% against the dollar, its worst year since 2022. USDINR crossed 90 for the first time on 3 December 2025 and ended the year near 89.9, according to Business Standard.
- Record: the rupee's weakest level so far was 96.95 per dollar during trade on 20 May 2026, and it closed at a record low of about 96.85 that day (96.86 according to PTI, 96.84 according to Business Standard).
- Latest: USDINR closed at 96.31 on 1 October 2026, a two-month high for the dollar. The ECB-based rate for 2 October was 96.32.
- Reserves: India's foreign exchange reserves were $747.56 billion in the week to 25 September 2026, after an $18.34 billion fall that week, according to reports of RBI's weekly data.
The cards at the top of the page update with the latest reference rate and the 12-month range whenever new rates are published.
What moves USDINR
| Driver | How it tends to push USDINR |
|---|---|
| The US dollar worldwide | When the dollar strengthens against most currencies, USDINR usually rises too |
| US interest rates and yields | Higher US yields pull money towards the dollar and away from emerging markets |
| Oil prices | India imports most of its crude oil, so dearer oil means more dollars needed and a weaker rupee |
| Foreign investor flows | When foreign portfolio investors sell Indian shares and bonds, they buy dollars to take money out |
| RBI intervention | RBI buys or sells dollars to slow sharp moves, which is why USDINR moves less than most pairs |
| RBI policy and Indian inflation | Rate decisions and CPI data shape what the market expects from RBI |
RBI says it doesn't aim for a particular rupee level. In April 2026 Governor Sanjay Malhotra described its intervention as "aimed at smoothing excessive and disruptive volatility without targeting any specific level or band". The forex news today page lists the next RBI decision and Indian CPI release in IST, and the currency strength meter shows how the rupee has moved against eight other major currencies.
How to trade USDINR legally in India
Residents can trade USDINR as futures and options on NSE, through a SEBI-registered broker with the currency segment activated. Trading USDINR or any other pair with an overseas online broker isn't allowed. The contract details, from NSE:
| NSE USDINR | Detail |
|---|---|
| Lot size | USD 1,000 |
| Tick size | ₹0.0025 (a quarter of a paisa), worth ₹2.50 per lot |
| Trading hours | 9:00 to 17:00 IST, Monday to Friday |
| Futures | 12 monthly and 11 weekly contracts; monthly contracts expire two working days before the last working day of the month at 12:30 pm, weekly ones on Fridays |
| Options | European style, premium in rupees; 11 weekly, 3 monthly and 3 quarterly expiries |
| Settlement | In cash, in rupees, at the reference rate on expiry |
So a 10 paise move, say from 96.20 to 96.30, is 40 ticks × ₹2.50 = ₹100 per lot. A 1 rupee move is ₹1,000 per lot.
There's a condition. Under RBI's rules, contracts against the rupee are for hedging a real currency exposure, such as an import payment, export income or overseas fees. You don't have to show documents for positions up to USD 100 million across all rupee pairs, but RBI has said the underlying exposure is still required. Contracts in EURUSD, GBPUSD and USDJPY on NSE have no such purpose restriction. The guide to forex trading in India explains the rules in full, and the legal forex apps lists brokers that offer the currency segment.
Using the converter
Type an amount in either box and the other updates at the reference rate. It's useful for rough sums, such as what a $1,000 prop firm payout is worth before bank charges: at 96.32 that's ₹96,320. The rate your bank or payment provider applies will be a little worse, and tax applies on top; see prop firm taxes.