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Rupee Extends Winning Streak for Sixth Session Opens 33 Paise Higher at 94.72 Against Dollar
The Indian rupee strengthened for the sixth consecutive session on October 16, 2026, opening 33 paise higher at 94.72 against the US dollar. Offshore traders reduced bearish positions on the currency, while market participants assessed the Reserve Bank of India’s FAQs on the levy of Forward Exchange Rate Risk (FERR) on buy-side forward contracts.
By Finblage Editorial Desk
2:53 pm
16 October 2026
The Indian rupee extended its gains for the sixth consecutive session on October 16, 2026, opening 33 paise higher at 94.72 against the US dollar. The currency benefited from a reduction in bearish positions among offshore traders, indicating improved near-term sentiment toward the Indian currency.
According to Finrex, the rupee was expected to open at 94.66 against the dollar, with a projected trading range of 94.50 to 95.25 during the session.
Market participants were also assessing the Reserve Bank of India’s frequently asked questions concerning the levy of Forward Exchange Rate Risk (FERR) on buy-side forward contracts. The clarification could influence market participants’ understanding of the applicable requirements and their approach to foreign exchange hedging.
The rupee’s continued appreciation reflects improving near-term currency sentiment. However, its subsequent movement will depend on dollar demand, offshore positioning, foreign capital flows, crude oil prices and developments in the global currency market.
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