Overview
- The rupee fell 10 paise on October 28 after a 36‑paise drop the previous session, closing at 88.29 against the US dollar.
- Early October 29 trading showed a tight 88.18–88.34 range and a brief 11‑paise gain from Tuesday’s close, with dealers flagging persistent end‑month dollar demand.
- Softer Brent crude and a slightly weaker dollar index tempered losses, while weak domestic equities and shifting foreign fund flows shaped sentiment.
- Markets looked to the US FOMC outcome for near‑term direction as traders also noted RBI actions that kept USD/INR broadly contained near 87.50–88.50.
- Context included RBI data showing forex reserves at USD 702.28 billion and Kpler reporting India’s US crude imports at the highest since 2022, as Pakistan’s rupee stayed broadly stable in open‑market quotes.