Indian Rupee Falls 3 Paise to 95.97 Against Dollar on September 30 Amid Oil Demand and Foreign Outflows

The Indian rupee fell 3 paise to 95.97 against the US dollar in early trade on Wednesday, September 30, 2026, pressured by persistent dollar demand from state-run oil marketing companies and firm crude oil prices, according to HDFC Sky and multiple currency tracking sources. At the interbank foreign exchange market, the rupee opened at 95.87 before falling to 95.97, registering a decline from its previous close of 95.94 on Tuesday, September 29. Multiple sources reported the rupee trading in a narrow range around 95.95 to 95.97 during the session, with Wise reporting a mid-market rate of 95.95 and BookMyForex citing 95.99.

Dollar sales by state-run banks on behalf of the Reserve Bank of India in both spot and forward markets are restricting the USD/INR pair below the 96.00 level, according to HDFC Sky. Foreign portfolio outflows of around USD 2.2 billion in September and firm US Treasury yields are keeping pressure on the currency. The rupee has remained near the psychologically important 96-per-dollar level for multiple sessions, with the RBI's intervention strategy closely watched by investors as the month ends.

For Indian importers, particularly state-run oil marketing companies, the sustained weakness near 96 translates into higher input costs at a time when Brent crude is trading above 103 dollars per barrel, according to HDFC Sky. The currency's trajectory in October will depend on whether oil prices stabilize, whether foreign outflows moderate, and whether the RBI continues its active defense of the 96 level.

Sources

HDFC Sky, September 30, 2026, hdfcsky.com BookMyForex, September 30, 2026, bookmyforex.com Whalesbook, September 30, 2026, whalesbook.com Wise, accessed September 30, 2026, wise.com Alanchand, September 30, 2026, alanchand.com