# Rupee slips to 95.95 on crude, dollar strength, RBI holds 96 level

2026-09-28T06:21:30+00:00 | Business & Economy | Indian Opinion Desk

Corroboration: 3 independent outlets

The rupee opened at 95.95 against the US dollar on Monday, falling 20 paise, as the dollar strengthened and Brent crude topped $106 a barrel amid the ongoing West Asia conflict. Foreign institutional investors sold equities worth Rs 3,693.93 crore on Friday, and India's forex reserves dropped by $14.881 billion to $765.901 billion in the week ending September 18, RBI data showed. The Economic Times reports that economists expect the rupee to grind lower to 96-97 a dollar by the end of FY27, reversing the central bank's expectation of stabilisation. RBI Deputy Governor Poonam Gupta last week argued the rupee had overcorrected by 13% since March 2025 and could firm. But economists point out that the balance-of-payments surplus is driven by RBI-absorbed FCNR(B) inflows, and excluding those the surplus turns negative, reflecting weakness in other capital flows. The RBI has been heavily intervening to prevent the rupee from breaching 96.

## Indian Opinion Analysis

The Economic Times foregrounds economists' skepticism of the RBI's stability case, citing BoP weakness excluding FCNR(B) inflows and pointing to a 96-97/dollar forecast. The Hindu and Business Line lead with the day's 20-paise fall, Brent crude's rise above $100, and FII outflows, framing the same pressure as daily market news. All three agree on the core facts, RBI holding 96, falling reserves, elevated crude, but ET alone gives the central bank's optimism space only to contrast it with market reality. The next number to watch: whether the RBI can hold the 96 level with reserves declining and crude above $106.

## Coverage

- economictimes.indiatimes.com (government critical) <https://economictimes.indiatimes.com/markets/forex/forex-news/rupees-likely-to-slip-despite-rbi-push-for-stability/articleshow/134528883.cms>
  Leads with economists' scepticism of RBI's stability claim, forecasts 96-97
- thehindu.com (neutral report) <https://www.thehindu.com/business/markets/rupee-falls-20-paise-to-9595-against-us-dollar-in-early-trade/article71518444.ece>
  Straight market report of daily 20 paise fall, no policy critique
- thehindubusinessline.com (neutral report) <https://www.thehindubusinessline.com/markets/forex/rupee-falls-20-paise-to-9595-against-us-dollar-in-early-trade/article71518406.ece>
  Straight market report of daily 20 paise fall, no policy critique

Tags: Brent crude, dollar index, foreign exchange reserves, Indian rupee, Poonam Gupta, Reserve Bank of India
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