Mumbai: The Indian rupee traded in a narrow range on Monday, September 22, 2025, and depreciated by 5 paise to 88.21 against the U.S. dollar. Strength in the American currency in overseas markets, coupled with a negative trend in domestic equities, weighed on investor sentiment.
Forex market participants noted that the recent increase in H-1B visa fees in the U.S. could impact the IT sector, potentially affecting company margins and reducing remittances due to slower employee deployments.
At the interbank foreign exchange market, the rupee opened at 88.20 before easing to 88.21. In the previous session on Friday, September 19, the currency had strengthened by 4 paise to close at 88.16.
The dollar index, which measures the greenback against a basket of six major currencies, gained 0.13% to 97.77. Global oil benchmark Brent crude was trading 0.66% higher at $67.12 per barrel in futures trade.
Domestic equities opened lower on Monday, with the Sensex down 475.16 points to 82,151.07 and the Nifty slipping 88.95 points to 25,238.10. Despite the early weakness, foreign institutional investors had net purchases worth ₹390.74 crore on Friday.
India’s foreign exchange reserves rose by $4.698 billion to $702.966 billion for the week ended September 12, following a $4.038 billion increase in the prior week, according to Reserve Bank of India data.
Meanwhile, Commerce and Industry Minister Piyush Goyal is scheduled to lead an official delegation to the U.S. on Monday for trade talks aimed at advancing negotiations for a mutually beneficial agreement. The delegation will visit New York and engage with U.S. officials to push for an early conclusion of the trade discussions.
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