The Indian rupee appreciated by 15 paise to 94.70 against the US dollar in early trade on Wednesday, supported by positive domestic equity market cues and a weaker American currency overseas.
However, the local unit continued to face pressure from elevated crude oil prices and persistent foreign fund outflows. Additionally, banks trimming their net open currency positions, following the Reserve Bank of India directive, also influenced sentiment, according to forex traders.
As per its March 27, 2026 circular, the RBI has capped banks’ Net Open Position (NOP-INR) at USD 100 million, with compliance mandated by April 10.