Rupee vs Dollar Today: Indian Rupee Surges 1.52% to 93.18 After RBI New Rules, Strongest Gain Since 2013 Taper Tantrum

USD vs INR: The Indian rupee saw a strong jump against the US dollar, rising 1.52% to close at 93.18. This is its biggest single-day gain since 2013, showing the clear impact of the Reserve Bank of India’s recent steps to control volatility. 

On Thursday, the rupee surged to an intraday high of 92.82 per dollar, rebounding from its record low of 95.21 in the previous session. It eventually closed at 93.18 up 1.52 per cent from the prior close. 

USD INR Rupee Gain Happens Since 2013 Taper Tantrum

The size of this rally is similar to what was seen after the 2013 US “Taper Tantrum,” when the RBI, led by then governor Raghuram Rajan, stepped in with a special scheme that allowed banks to bring in foreign currency.

This move attracted around $26 billion in just three months and helped reduce the pressure from speculation on the rupee.

What’s Driving the Indian Rupee Today? 

In a circular released on March 27, 2026, the RBI said banks can keep only up to $100 million in open rupee positions, and they must follow this rule by April 10. 

At the same time, the dollar index, which tracks the UD dollar against major currencies rose slightly by 0.31% to 99.77%. Brent crude oil prices also increased, trading at $106.06 per barrel, up nearly 4,84%.

In India stock market, things were weak. The Sensex fell by over 1300points, while the Nifty dropped more than 400 points in early trading. Data also showed that foreign investors sold shares worth Rs 8,331 crore on Wednesday. 

Since the West Asia conflict began on February 28, 2026, the rupee has fallen by more than 4%. Over the full financial year ending March 2026, it has dropped nearly 10% against the US dollar.

What Are RBI New Rules? 

The RBI has taken two major steps to support the rupee, which had fallen nearly 4% in March due to global factors like foreign investors pulling out money and rising crude oil prices. 

Last Friday, the central bank limited how much exposure banks can have to the rupee, setting a cap of $100 million instead of the earlier rule that allowed up t 25% of their capital.

On Wednesday, it stopped banks from offering certain forex deals (NDFs) that traders were using to make a profit from price differences between Indian and overseas markets.