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The Indian rupee (INR) as of Tuesday, September 9, 2025, continues to showcase volatility compared to other global currencies, shaped by external pressures, which include U.S tariffs and enveloped in global monetary trends like expectations of an approaching Fed rate cut. The recent volatility showed that the rupee surged past Rs 88/USD before settling to the Rs 99.12-Rs 88.30 range by mid-morning, while forward premiums rose slightly amid demand pressures.
See Also: 4 Times the Rupee Faced the Storm: Historic Currency Collapses in Indiaย
Here are the mid-market exchange rates for today based on reliable interbank data:
| Foreign Currency | Approx. Equivalent in INR |
| 1 USD (U.S Dollar) | Rs 88.09 |
| 1 USD (Canadian Dollar) | Rs 63.80 |
| 1 AED (UAE Dirham) | Rs 23.99 |
| 1 EUR (Euro) | Rs 103.56 |
| 1 GBP (British Pound) | Rs 119.56 |
| 1 AUD (Australian Dollar) | Rs 58.23 |
The managed-float currency regime of India, overseen by the RBI, continues to shape the exchange environment; it is intermittently intervened by the central bank, particularly when the rupee nears significant thresholds like Rs 88/USD to maintain stability and limit extreme swings.
The rupee briefly surged past Rs 88 per US dollar on September 9, reaching an intraday high of Rs 87.9550 before easing to around Rs 88.1250. This surge was encouraged by U.S labour data that fuelled optimism for a Federal Reserve rate cut, softening the dollar. 1-year forward premium considered forward contracts rose modestly to about 2.29% signalling ongoing demand for the dollar.
There is a gradual weakening of economic sentiments. While the outlook for Fed policy is weakened by weaker U.S jobs data, external pressures โ especially U.S tariffs on Indian exports continue to cast a shadow, contributing towards rupee weakness and capital outflows. A 25-basis-point cut is expected from market forecasts in the Fedโs upcoming meeting, with additional cuts anticipated later this year.
The volatility of the rupee persists against this backdrop. The interbank USD/INR rate hovers around Rs 88.09 as of September 9, while other major currencies are trading at roughly Rs 103.56 (EUR), Rs 119.56 (GBP), Rs 63.80 (CAD), Rs 58.23 (AUD), and Rs 23.99 (UAE Dirham)
