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On 6 October 2021 NSE's Nifty50 USD index closed at 8,154.35. On 6 October 2026 it closed at 8,184.41. Five years, and a gain of 0.4%.
The Nifty 50 in rupees went from 17,646.00 to 22,776.10 over the same five years, a gain of 29.1%. Same 50 companies, same days. The Nifty50 USD is the Nifty 50 converted into dollars, so the whole gap between the two is the rupee: a dollar now costs 28.6% more rupees than it did five years ago, which means the rupee has lost 22.2% of its dollar value.
These are price indices from NSE's closing values; dividends are left out of both, which does not change the gap. Our dollar series starts on 10 April 2013.
Every year since 2014
| Year | Nifty 50 (₹) | Nifty 50 (US$) | Rupees per dollar |
|---|---|---|---|
| 2014 | 31.4% | 28.4% | +2.3% |
| 2015 | -4.1% | -8.4% | +4.7% |
| 2016 | 3.0% | 0.5% | +2.5% |
| 2017 | 28.6% | 37.0% | -6.1% |
| 2018 | 3.2% | -5.7% | +9.4% |
| 2019 | 12.0% | 9.6% | +2.2% |
| 2020 | 14.9% | 12.2% | +2.4% |
| 2021 | 24.1% | 22.0% | +1.7% |
| 2022 | 4.3% | -6.3% | +11.3% |
| 2023 | 20.0% | 19.3% | +0.6% |
| 2024 | 8.8% | 5.8% | +2.9% |
| 2025 | 10.5% | 5.3% | +5.0% |
| 2026 to 6 Oct | -12.8% | -18.8% | +7.3% |
Calendar-year price returns. The last column is the change in the ratio of the two indices, which moves one for one with the dollar-rupee rate. As a check, our currency table has the dollar at ₹89.77 on 31 December 2025 and ₹96.36 in its latest reading, the same 7.3% rise.
- The rupee fell in 11 of 12 complete years. 2017 was the only year it gained, and the only year the dollar index beat the rupee one (37.0% against 28.6%).
- The drag averaged 3.1 points a year. The dollar index lost money in three of the 12 years (2015, 2018 and 2022); the rupee index in one (2015).
- The biggest gaps were 2022 and 2018. In 2022 the Nifty 50 rose 4.3% in rupees and fell 6.3% in dollars; in 2018 it rose 3.2% and fell 5.7%. The 5.9-point shortfall in 2026 so far is the largest since 2022.
Over longer windows
| From | Nifty 50 (₹), a year | Nifty 50 (US$), a year | Dollar's rise in rupees |
|---|---|---|---|
| 10 Apr 2013 | 11.0% | 6.4% | 76.8% |
| 10 years (6 Oct 2016) | 10.1% | 6.1% | 44.7% |
| 5 years (6 Oct 2021) | 5.2% | 0.1% | 28.6% |
| 3 years (6 Oct 2023) | 5.0% | 0.0% | 15.8% |
| 1 year (6 Oct 2025) | -9.2% | -16.4% | 8.6% |
Since April 2013 the Nifty 50 has multiplied 4.10 times in rupees and 2.32 times in dollars. The three-year dollar figure is as flat as the five-year one: 8,180.24 on 6 October 2023 against 8,184.41 now.
Highs and lows
- The dollar index peaked first. Its record close is 10,859.70 on 26 September 2024, and it is 24.6% below that. The rupee index set its record later, 26,328.55 on 2 January 2026, and is 13.5% below.
- Since that September 2024 peak the Nifty 50 has lost 13.1% in rupees and 24.6% in dollars, and the dollar has risen 15.3% against the rupee.
- 2026's lows came at different times. The rupee index bottomed at 22,331.40 on 30 March. The dollar index set its 2026 low of 8,115.86 on 5 October, the day before our latest close. Before this year it had last closed at or below today's level on 13 November 2023.
- The worst fall since 2013 was the same episode in both: to 23 March 2020, 38.4% in rupees and 43.3% in dollars.
What this does not tell you
Which number matters depends on who you are. An investor who spends rupees earned the rupee return. The dollar index is what a foreign investor saw, and the mirror image of what an Indian investor sees abroad, where a falling rupee adds to returns. Our guide to currency risk in international funds covers that side.
It is not what a foreign investor actually got. Taxes, costs and any currency hedging are outside these indices.
The rupee's record is not a forecast. Eleven weak years out of twelve says nothing certain about the next one, and in 2017 the dollar ended the year 6.1% cheaper in rupees.
The implied rate is a ratio, not a quote. It agrees with our currency table over 2026, but on a given day the two can differ slightly in timing.
Where to go from here
Our rupee-dollar review of the third quarter has the currency side in detail, and international funds and the rupee looks at what the fall did for Indian investors abroad. Our Nifty 50 P/E post for October covers what the index costs now.
Frequently asked questions
How has the Nifty 50 done in dollars?
Over five years, almost nothing. NSE's Nifty50 USD index closed at 8,184.41 on 6 October 2026 against 8,154.35 on 6 October 2021, a gain of 0.4%. In rupees the Nifty 50 rose 29.1% over the same five years, from 17,646.00 to 22,776.10. Both are price returns.
Why has the Nifty 50 fallen more in dollars than in rupees in 2026?
Because the rupee has fallen too. In 2026 to 6 October the Nifty 50 lost 12.8% in rupees and 18.8% in dollars. The ratio of the two indices implies a dollar now costs 7.3% more rupees than at the end of 2025, which matches our currency table: ₹89.77 on 31 December 2025 and ₹96.36 in its latest reading.
How often has the rupee fallen against the dollar in a calendar year?
In 11 of the 12 complete years from 2014 to 2025, judged by the gap between the two indices. The exception was 2017, when the Nifty 50 rose 28.6% in rupees and 37.0% in dollars. On average the dollar return trailed the rupee return by 3.1 points a year.
This is commentary on published data, not investment advice. WealthTicker is not a SEBI-registered adviser or distributor. Figures are as of the dates stated and can be revised by their source.
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