India’s rupee gave back an early gain to end near ₹94.92 per U.S. dollar on Oct. 19 as the Nifty 50 fell 1.11%, ahead of central bank minutes due Oct. 21.
Published closing rates differed. Reuters put the rupee at ₹94.9250 per dollar and described it as nearly unchanged. Press Trust of India reported a ₹94.91 close, two paise weaker than Friday, while Moneycontrol reported ₹94.92, compared with ₹94.95 on Friday.
The currency had touched ₹94.80 per dollar in morning trading, Press Trust of India reported earlier. Reuters later cited currency traders who pointed to dollar purchases by importers as one source of pressure on the rupee.
The National Stock Exchange of India put the Nifty 50 at 22,888.95 at the close, down 257.20 points. The decline extended to two sector benchmarks: Nifty IT fell 1.28%, and Nifty Financial Services lost 1.58%.
Oil was lower at a separate market snapshot. ICE Futures Europe quoted the December 2026 Brent crude contract at $108.48 a barrel at 5:41 a.m. ET (9:41 a.m. UTC), down 1.256% at that point.
The oil market was also facing a change in U.S. policy. President Donald Trump signed an order Oct. 16 waiving specified duties and sanctions provisions under the Lindsey O. Graham Sanctioning Russia and Iran Act of 2026. The order sets no fixed expiration date for the waivers.
The Reserve Bank of India’s Monetary Policy Committee voted at its Oct. 5–7 meeting to raise the policy repo rate by 25 basis points to 5.50%. The bank cited higher food and fuel inflation and broader price pressures. Its next policy meeting is scheduled for Dec. 2–4, with minutes from the October decision due Oct. 21.
