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Business & Stocks Economic Times Markets • Oct 10, 2026

INR Recovers To Intra-Day High Before Slipping On Corporate Dollar Demand Amid RBI Intervention

💡 Key Takeaways

•Rupee closed marginally lower at 96.73 per dollar after touching intra-day highs.
•RBI intervened through state-owned banks to sell dollars and curb extreme volatility.
•RBI governor Sanjay Malhotra stated the currency is undervalued and requires stabilization.

NEW DELHI [NCRBuzz Wire] — ### Indian Rupee Volatility and RBI Market Operations

**The Indian rupee registered a marginal recovery before slipping to close at 96.73 against the United States dollar on Friday as persistent corporate hedging offset central bank intervention.** Reserve Bank of India executed strategic dollar sales through state-owned lenders to curb extreme volatility and defend domestic currency valuation during early market hours.

### Governor Statement and Fundamental Valuation

**Reserve Bank governor Sanjay Malhotra stated during the session that the domestic currency remains fundamentally undervalued and requires active stabilization measures.** Macroeconomic analysts note that structural trade deficits and sustained foreign portfolio outflows continue to exert downward pressure on the currency despite robust foreign exchange reserves.

### Foreign Exchange Market Metrics

| Financial Metric / Market Indicator | Value / Details |

|---|---|

| Closing Exchange Rate | 96.73 INR per USD |

| Central Bank Action | Targeted Dollar Sales via State-Owned Banks |

| Primary Driver | Persistent Corporate Dollar Demand |

| Official Stance | Currency Undervalued, Stabilization Needed |

### Corporate Demand Dynamics

**Corporate demand for greenbacks remained exceptionally robust throughout the trading session, overwhelming central bank liquidity management.** Importers and corporate entities aggressively hedged their foreign exchange exposures, preventing the rupee from holding its intra-day high.

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🏛️ Background Context

The foreign exchange market has experienced heightened volatility driven by global macroeconomic headwinds, fluctuating US Federal Reserve rate expectations, and strong domestic corporate import demand.

💡 Citizen & Commuter Quick Explainer (FAQ)

Q1: What was the closing exchange rate of the Indian rupee against the US dollar?

The Indian rupee closed at 96.73 against the United States dollar on Friday.

Q2: How did the Reserve Bank of India intervene in the currency market?

The RBI executed strategic dollar sales through state-owned banks to influence and stabilize the exchange rate.

Q3: What is the official assessment of the currency's valuation?

Reserve Bank governor Sanjay Malhotra stated that the domestic currency remains fundamentally undervalued and requires stabilization.

Verified Wires: Economic Times Markets Original Wire Dispatch ↗

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