A man counts Indian currency notes at a roadside currency exchange stall in the old quarters of Delhi, India, February 2, 2026. REUTERS
MUMBAI, April 2 (Reuters) – The Indian rupee rose sharply in early trading on Thursday as the Reserve Bank of India’s latest measures to curb rupee speculation left traders anticipating a glut of onshore dollar sales spurred by the unwinding of positions.
The rupee rose to 93.53 against the U.S. dollar in early trades, up 1.4% from its closing level on Monday.
The central bank has stepped up measures to curb arbitrage flows and speculative bets that have been pressuring the currency, while it deals with worries over risks to India’s current account amid existing weakness on the capital account side.
On Wednesday, the RBI stepped up its efforts to support the currency by barring banks from offering rupee non-deliverable forwards to resident and non-resident clients and preventing companies from rebooking cancelled forward contracts.
Worries over deepening conflict in the Middle East have sparked a surge in energy prices, with Brent crude oil futures climbing about 5% to $106 per barrel on Thursday.
The rise followed U.S. Donald Trump’s remarks that the U.S. would hit Iran “extremely hard” within weeks, adding that military goals were nearly achieved and that the conflict was close to ending.
Reporting by Jaspreet Kalra
