Stories
Rupee Extends Winning Streak to Sixth Session, Opens Higher at 94.72 Against US Dollar
- •The Indian rupee opened 33 paise higher at 94.72 per dollar on October 16, extending its winning streak for the sixth consecutive session.
- •Support came from offshore traders cutting bets against the Asian currency and ongoing expectations of central bank dollar selling.
- •Finrex projected the rupee to trade in the range of 94.50 to 95.25 following RBI clarifications on the levy of FERR for forward contracts.
- •Most other Asian currencies weakened against the US dollar, with the Taiwan dollar standing out as the only gainer.
- •The US dollar consolidated as traders awaited remarks from Federal Reserve officials for signals on future interest rate hikes.
Key Questions Answered
The Indian rupee extended its gains for the sixth straight session on October 16, 2026, opening 33 paise higher at 94.72 per dollar. This was driven by offshore traders cutting bets against the Asian currency and expectations of continued central bank dollar selling.
Most Asian currencies weakened against the US dollar on Friday, October 16, 2026, with the South Korean won and Philippine peso leading the losses. Meanwhile, the Taiwan dollar emerged as the only gainer among the nine listed Asian currencies, rising by 0.05 percent.
The Dollar Spot Index slid 0.3% on Thursday, marking its biggest decline in more than a month. This drop was primarily weighed down by falling Treasury yields as traders awaited remarks and signals on future interest rate hikes.
