The domestic currency came under pressure as the US dollar remained firm in global markets, while geopolitical uncertainties and weak domestic equities dampened investor sentiment. Market participants remained cautious, limiting any sustained recovery in the rupee despite a stronger opening.

At the interbank foreign exchange market, the rupee began the session on a positive note at 91.89, extending gains to touch 91.82 in early trade as exporters sold dollars and initial sentiment remained upbeat. However, the optimism proved short-lived as demand for the greenback picked up later in the day.

As the session progressed, the rupee reversed its gains, slipping sharply to 92.02, its lowest level ever, amid heightened volatility in equity markets and persistent strength in the US currency. Towards the close, mild intervention and improved dollar supply helped the rupee pare losses, allowing it to end the day at 91.93.

Forex traders said negative cues from domestic equity markets, coupled with risk-averse global sentiment, capped the rupee’s upside. Concerns around global geopolitical tensions and expectations of prolonged higher interest rates in the US continued to weigh on emerging market currencies, including the rupee.

Market participants are now closely watching global macroeconomic developments, crude oil prices, foreign fund flows, and central bank signals, which are expected to drive near-term movement in the rupee. Analysts believe the domestic currency may remain volatile in the coming sessions as global uncertainties persist.

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Forex traders said foreign portfolio investors continue to offload Indian equities, which has been weighing on the Indian rupee in the last few months. At the interbank foreign exchange, the local unit opened at 89.95 against the dollar, down 5 paise from its previous close.

On Friday, the rupee depreciated 19 paise to close at 89.90 against the US dollar.

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