Indian Rupee (INR)

India — Reserve Bank of India

Indian rupee — managed-float currency of the world's most populous country.

FX Session:
Tokyo
INR/USD
0.01039
INR/USD Exchange Rate
Economic Indicators
Indicator Latest Previous Change Date
Policy Rate 5.5 5.25 +0.25 2025-10-01
Ppi 0.4 -0.1 +0.50 2025-05-31
Reserve Bank of India Press Releases

About the Indian Rupee (INR)

The Indian rupee (INR) is the official currency of India, the world's most populous country and one of its fastest-growing major economies. The INR operates under a managed-float regime with active Reserve Bank of India intervention to smooth volatility.

Reserve Bank of India: monetary policy framework

The Reserve Bank of India (RBI) Monetary Policy Committee sets the repo rate at six bi-monthly meetings per year, targeting 4% CPI inflation with a ±2 percentage-point tolerance band. Decisions are accompanied by a half-yearly Monetary Policy Report.

What moves the INR?

  • RBI repo rate and Monetary Policy Committee guidance.
  • India CPI inflation (notably food prices).
  • RBI FX-reserve changes and intervention activity.
  • Crude oil prices — India is one of the largest oil importers.
  • Foreign portfolio investment flows into Indian equities and bonds.
  • US Treasury yields and broad EM currency moves.

Key data and events to watch

  • RBI bi-monthly policy decision and MPC minutes.
  • India CPI and WPI inflation prints.
  • Monthly FX reserves data.
  • Crude oil (Indian basket) prices.
  • Foreign portfolio flow (FPI) data from depositories.

Frequently asked questions about the Indian Rupee

How does the Reserve Bank of India manage the rupee?
The RBI operates a managed-float regime: it allows market-driven moves but intervenes in spot and forward markets to smooth excessive volatility, and adjusts FX reserves to manage liquidity conditions.
What is India's inflation target?
India's inflation target is 4% CPI with a tolerance band of ±2 percentage points (i.e., 2–6%). The target is reviewed every five years by the central government in consultation with the RBI.
Why is INR sensitive to oil prices?
India imports more than 80% of its crude oil. Higher oil prices widen the current-account deficit, raise imported inflation, and generally pressure the rupee, all else equal.
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