The rupee appreciated 50 paise to 92.56 against the U.S. dollar in early trade on Wednesday. File
| Photo Credit: Reuters
The rupee appreciated 50 paise to 92.56 against the U.S. dollar in early trade on Wednesday (April 8, 2026) after U.S. President Donald Trump announced suspension of military strikes against Iran for two weeks.
Forex traders said the two-week ceasefire announcement triggered a wave of outsized bargain buying amongst the risk assets as Asian Stocks, Dow futures, Gold and Silver all rallied while Brent Oil fell below $100 to $96 per barrel.
The rupee, in accordance, surged to 92.56 levels, with the RBI deadline still in place till the 10th of April, regarding squaring of positions taken overnight up to $100 million.
At the interbank foreign exchange market, the rupee opened at 92.92 against the U.S. dollar, then gained ground to touch 92.56 against the U.S. dollar in initial trade, registering a gain of 50 paise over its previous close.
On Tuesday (April 7, 2026), the rupee had settled at 93.06 against the American currency.
The dollar index, which gauges the greenback’s strength against a basket of six currencies, was down 0.90% at 98.96.
Brent crude, the global oil benchmark, was trading lower by 12.68% at $95.42 per barrel in futures trade, after the announcement of the ceasefire.
U.S. President Trump announced a two-week suspension of military strikes against Iran just hours before his 8 p.m. ET deadline.
Iran agreed to allow safe navigation through the Strait of Hormuz during the ceasefire, triggering sweeping market moves across oil, equities and currencies.
The rupee is likely to remain range-bound with a bit of volatile moves between 92.50 to 93.50 as the markets await the RBI’s monetary policy.
On the domestic equity market front, the 30-share benchmark index Sensex was trading 2527.47 points or 3.39% higher at 77,144.05, while the Nifty jumped 767.25 points or 3.32% to 23,890.90 in initial trade.
Foreign Institutional Investors offloaded equities worth ₹8,692.11 crore on Tuesday (April 7, 2026), according to exchange data.
Published – April 08, 2026 11:38 am IST