The rupee is finally showing some spine. After a brutal week where it actually crashed past the 91 mark, it’s clawed its way back below the 90-per-dollar psychological barrier this Friday morning.
The thing is, the rebound isn’t just luck. It’s a mix of RBI intervention, corporate dollars flowing in, and oil prices finally chilling out around 59 per barrel. What draws people to this story, though, is the sheer drama of the last 72 hours. On Tuesday, everyone was panic-buying dollars. Now? Speculators are backing off.
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The Morning Hustle
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The Opening: It started the day at 90.19.
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The High Point: It managed to touch 89.96. That’s a 24-paise jump from where it closed on Thursday.
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The Context: Just a few days ago, it was at an all-time low of 91.1. The RBI basically had to step in and sell dollars to stop the bleeding.
“Don’t Lose Sleep Over It”
While everyone on the trade floor is sweating, the government’s advisors are remarkably calm. Sanjeev Sanyal from the PM’s Economic Advisory Council basically said he’s “not concerned at all.”
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“High-growth economies often see exchange rate weakness. Japan did it. China did it in the 90s. As long as it isn’t causing domestic inflation, it doesn’t mean much. Let’s be real.”
Here’s the kicker: The US CPI (inflation data) came in lower than expected. That usually weakens the dollar globally. But then you have the ongoing tension over the India-US trade deal and those 50% tariffs the Trump administration slapped on Indian goods back in April. That’s the real weight around the rupee’s neck.
Market Snapshot (Dec 19, Early Trade)
| Indicator | Current Value | Movement |
| USD/INR | 89.96 | Rupee Up 24 Paise |
| Brent Crude | 59.66 | Down 0.27% |
| Sensex | 84,857.79 | Up 375.98 Points |
| Dollar Index | 98.46 | Up 0.04% |
It’s an ongoing tug-of-war. Analysts like Anil Kumar Bhansali reckon we’ll stay in the 90–90.50 range for a bit. Foreign investors are actually starting to buy Indian stocks again—about ₹595 crore worth yesterday. It feels like the “panic phase” might be ending, or nothing.
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End…
