The rupee in Q3 2026: ₹94.92 to ₹95.93 a dollar

A smaller slide than before

The dollar ended September at ₹95.9271, up 1.06% on the ₹94.9180 it cost on 30 June. In the first half of 2026 the rupee had lost far more, as our first-quarter rupee post and our record-low post from May recorded.

From the end of 2025 the dollar is up 6.86% against the rupee. The third quarter added 1.06 points of that, and the first days of October have added a further 0.4%.

These are the daily reference rates we hold for each currency. The series includes some weekend dates, so the counts below are of readings, not trading days.

The quarter's range

High: ₹96.8769 on 23 July. That is the weakest rupee in the series, which begins in September 2016. It came after a three-week climb from ₹94.92, which included a one-day jump of 1.02% on 13 July to ₹96.30.

The dollar was above ₹96 on 14 of 69 readings. After 23 July it eased to ₹95.10 by 4 August, then stayed in a narrow band between ₹94.43 and ₹96.16 through September.

Low: ₹93.5461 on 25 August. This is a single print that stands apart: the dollar fell 2.27% in a day and rose 2.01% the next, back to ₹95.43. We treat it with caution, as it is the largest daily move in the quarter and reversed completely. Leaving it aside, the quarter's lowest reading was ₹94.4303 on 6 September.

Outside the 25–26 August pair, no day moved the dollar by more than about 1%.

Against other currencies

A positive figure means the foreign currency became more expensive in rupees. The rupee lost ground to eight of the nine and gained only against the Swiss franc. The yen's 4.66% rise was the largest, and the euro's 0.63% the smallest.

What it meant for international funds

A fund that holds dollar assets gets a boost in rupee terms when the rupee falls. Our look at international funds in 2026 estimated how much of those funds' returns came from the currency. The effect in this quarter, 1.06% for dollar assets, is small next to the 6.86% from the start of the year.

Travel, education and imports priced in dollars cost the same 1.06% more than at the end of June. To see what a currency move does to a specific purchase or investment, the currency calculator can convert a figure at these rates.

What this does not tell you

Reference rates are not the rate you get. Banks and card networks add a margin, so your actual cost of a dollar is higher than these rates.

One print can mislead. The 25 August reading shows how a single data point can distort a range, which is why we give the range both with and without it.

Rates do not explain themselves. The published series shows what the rupee did, not why. Our post on FII flows in the third quarter covers one thing that moved during the same months.

Where to go from here

The guide to currency risk in international funds explains how the rupee affects overseas holdings, and our post on the rupee against major currencies has the longer comparison.