Rupee opens flat at 90.37 against US dollar amid likely support from RBI

On December 17, the RBI intervened heavily in the spot currency market, which helped the Indian rupee stage its strongest intraday recovery in seven months

Indian rupee opened almost flat on December 18 against the US dollar due to likely support from the Reserve Bank of India (RBI), currency experts said.

The domestic currency opened at 90.3700 against the US dollar, as compared to 90.3775 against the greenback at previous close.

"With timely and visible intervention, the 90.00 level now stands out as an important support zone. However, a move back above 90.50 would reopen the path toward the 90.70–91.00 zone," said Amit Pabari, managing director at CR Forex Advisors.

On December 17, the RBI intervened heavily in the spot currency market, which helped the Indian rupee stage its strongest intraday recovery in seven months, thus snapping a prolonged bout of weakness against the US dollar.

In percentage terms, it recovered 1.03 percent, its highest since May 23, 2025, when it appreciated 1.05 percent.

Soumya Kanti Ghosh, Group Chief Economic Advisor, State Bank of India in its report dated December 17 said as per the latest available data, RBI has intervened around $18 billion in the forex market during June-Sept, and we have estimated (by looking at the forward market data) another ~$10 billion in October 2025. So, the total amount stands at around ~$30 billion, while forex reserves declined by $15 billion during the same period.

Ghosh added that after breaching the psychologically important mark of 90 per US dollar, the rupee in just few days crossed the 91-level yesterday (December 16). From 90 to 91 per dollar rupee took only 13 days. However, the rupee staged a sharp recovery the day after on December 17.