The Indian rupee (INR) is rising on Thursday at the opening against the US dollar (USD). According to Reuters, the USD/INR pair falls to almost 91.80 after the Reserve Bank of India (RBI) intervened in the foreign exchange market, offering support to the Indian rupee against one-way excessive moves.
The RBI’s intervention was expected as the USD/INR pair hit a modern all-time high of 92.67 on Wednesday amid significant outflow of foreign funds from the Indian stock market and higher crude oil prices amid the war in the Middle East.
In the first two trading days of March, foreign institutional investors (FIIs) disposed of their holdings worth Rs. 12,048.29 crore, almost double the total of February. FIIs continue to distance themselves from the Indian equity market despite improved trade relations between the United States (US) and India.
Meanwhile, rising global oil prices due to the war between the US, Israel and Iran have severely damaged the currencies of countries that rely heavily on oil imports to meet their energy needs.
The war in the Middle East seems unlikely to end anytime soon as US President Donald Trump has stated that it will last four to five weeks. Meanwhile, Iran also denied reports signaling Tehran’s openness to discussing the terms of the truce with Washington. “Iran has not sent any message to the United States, nor will it receive any response to American messages,” a Tehran official said, as reported by Tasnim. Additionally, Tehran also threatened a prolonged war.
The New York Times (NYT) reported on Tuesday that agents of the Iranian Ministry of Intelligence indirectly asked the US Central Intelligence Agency (CIA) to discuss the conditions for ending the conflict. The news led to a keen correction in the US Dollar Index (DXY) after it hit a modern three-month high of 99.68.
Meanwhile, the USD index recovered after returning to nearly 98.67 and at press time was up 0.25% to nearly 99.00.
Today’s US dollar price
The table below shows the current percentage change of the United States Dollar (USD) against the major listed currencies. The US dollar was strongest against the Australian dollar.
| USD | EUR | GBP | JPY | BOOR | AUD | INR | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | 0.29% | 0.27% | -0.06% | 0.02% | 0.47% | -0.56% | 0.21% | |
| EUR | -0.29% | -0.02% | -0.35% | -0.27% | 0.18% | -0.83% | -0.10% | |
| GBP | -0.27% | 0.02% | -0.36% | -0.25% | 0.20% | -0.82% | -0.06% | |
| JPY | 0.06% | 0.35% | 0.36% | 0.07% | 0.54% | -0.50% | 0.27% | |
| BOOR | -0.02% | 0.27% | 0.25% | -0.07% | 0.46% | -0.55% | 0.18% | |
| AUD | -0.47% | -0.18% | -0.20% | -0.54% | -0.46% | -1.01% | -0.28% | |
| INR | 0.56% | 0.83% | 0.82% | 0.50% | 0.55% | 1.01% | 0.76% | |
| CHF | -0.21% | 0.10% | 0.06% | -0.27% | -0.18% | 0.28% | -0.76% |
The heat map shows the percentage changes of the major currencies relative to each other. The base currency is selected from the left column and the quote currency from the top row. For example, if you select the US dollar from the left column and move along the horizontal line to the Japanese yen, the percentage change displayed in the box will represent USD (base)/JPY (quote).
In the US, improving employment conditions in the US and signs of accelerating inflation at the factory level are expected to allow Federal Reserve (Fed) officials to keep interest rates at current levels for an extended period. The ADP jobs report showed Wednesday that the U.S. private sector added 63,000 jobs in February. modern jobs, much more than the estimate of 50 thousand. and previous readings of 11,000.
Earlier this week, the U.S. ISM Manufacturing PMI showed its Prices Paid subcomponent, a key measure of business-level inflation, rose to 70.5 in February from an estimate of 59.5 and a previous reading of 59.0.
For more information on the current state of the U.S. labor market, investors will pay attention to February’s nonfarm payrolls (NFP) data, which will be released on Friday.
Technical Analysis: USD/INR remains stable as 20-day EMA rises
During Thursday’s Asian trading session, USD/INR sees a keen correction to almost 91.82. Still, the near-term tone remains bullish as the spot holds above the rising 20-day exponential moving average (EMA), which is near 91.36.
The 14-day Relative Strength Index (RSI) falls to near 62 after being slightly overbought, indicating that the positive momentum has moderated but remains supportive of downside absorption rather than an immediate trend reversal.
Initial support appears on the 20-day EMA around 91.36, with a break showing secondary support at 91.00, followed by an early low around 90.60. Upside, resistance is at the March 4 high of 92.67.
(The technical analysis for this story was written with the support of an AI tool.)
Economic indicator
ADP employment change
The ADP Employment Index is a measure of private sector employment published by the largest payroll company in the US, Automatic Data Processing Inc. It measures the change in the number of privately employed people in the US. Overall, an enhance in the indicator has a positive impact on consumer spending and stimulates economic growth. Thus, a high reading is traditionally seen as bullish for the US Dollar (USD), while a low reading is seen as bearish.
Read more.
Last release:
Wed March 4, 2026 1:15 p.m
Frequency:
Monthly
Actual:
63 thousand
Agreement:
50 thousand
Previous:
22 thousand
Source:
ADP Research Institute
