What is the dollar rate in India today?
On ECB reference rates, one US dollar bought ₹96.73 on 9 October 2026. The rupee’s weakest level this year was ₹96.83 per dollar on 20 May, and its strongest was ₹89.85 on 7 January. The rupee has lost 6.8% of its value against the dollar since 2 January. Check the live USD to INR rate at any time.
Dollar rate in India in 2026: month by month
| Month | Average USD/INR | Low | High |
|---|---|---|---|
| January 2026 | 90.88 | 89.85 (7 Jan) | 91.94 (28 and 30 Jan) |
| February 2026 | 90.77 | 90.14 (3 Feb) | 91.57 (2 Feb) |
| March 2026 | 92.88 | 91.65 (5 Mar) | 94.81 (27 Mar) |
| April 2026 | 93.52 | 92.22 (8 Apr) | 94.92 (30 Apr) |
| May 2026 | 95.55 | 94.26 (7 May) | 96.83 (20 May, record) |
| June 2026 | 94.93 | 94.33 (19 Jun) | 95.78 (4 Jun) |
| July 2026 | 95.83 | 94.97 (7 Jul) | 96.59 (23 Jul) |
| August 2026 | 95.45 | 95.12 (5 Aug) | 95.76 (19 and 24 Aug) |
| September 2026 | 95.47 | 94.49 (3 to 7 Sep) | 95.98 (28 and 29 Sep) |
| October 2026 (to 9 Oct) | 96.52 | 96.30 (5 Oct) | 96.78 (8 Oct) |
Averages are of ECB reference rate fixings on working days. USD/INR is derived from the ECB’s euro rates against each currency.
Most of this year’s fall came between March and May, when the rupee lost about 6% against the dollar in under three months. Since then it has moved in a much narrower band, roughly ₹94.30 to ₹96.80, before pressing back toward the May record in October.
Why is the rupee falling against the dollar?
Both central banks are raising rates, so the gap has not moved
| Date | RBI repo rate | Fed funds rate (midpoint) | Gap in the rupee’s favour |
|---|---|---|---|
| 1 January 2026 | 5.25% | 3.625% | 1.625 points |
| 9 October 2026 | 5.50% | 3.875% | 1.625 points |
The Federal Reserve raised its target range by a quarter point to 3.75%–4.00% on 16 September, saying “inflation remains elevated”. Three weeks later, on 7 October, the Reserve Bank of India raised its repo rate by 25 basis points to 5.50% in a unanimous vote and moved to a stance of “calibrated tightening”. Because both moved by the same amount, the interest rate advantage of holding rupees is exactly where it started the year.
Indian inflation is running above target
The RBI reported that “CPI inflation increased to 4.8 per cent in August 2026 from 4.5 per cent in July”, and it projects 5.2% for 2026-27, above its 4% target. Higher inflation in India than in the US tends to weaken the rupee over time, because each rupee buys less. India also imports most of its crude oil, so higher energy prices widen its import bill and add to demand for dollars.
The US dollar is firm
The Fed’s September rise has supported the dollar against most currencies, not just the rupee. Our US Dollar Index forecast tracks the dollar’s broad strength, and our USD forecast 2026 covers the outlook. The next Fed decision is on 27 to 28 October, and the next RBI meeting is on 2 to 4 December.
What is the USD to INR forecast for 2026 and the next 6 months?
| Horizon | USD/INR range | Main driver |
|---|---|---|
| Next 1–3 months (to end of 2026) | ₹95.00–₹98.50 | Fed on 27 to 28 October and 8 to 9 December; RBI on 2 to 4 December |
| Next 6 months | ₹94–₹100 | Whether RBI rate rises slow the rupee’s decline, and oil prices |
| Next 12 months (to October 2027) | ₹93–₹102 | The gap between Indian and US inflation |
Cambridge Currencies’ forecast ranges as at 9 October 2026. They are not guarantees, and rates may move outside them. This page is reviewed every four to eight weeks and after RBI and Federal Reserve decisions.
For USD/INR to move above ₹98.50, it would probably take a further Fed rise, a sharp rise in oil prices, or both.
For USD/INR to fall back toward ₹94, the RBI’s tightening would probably need to attract investment into India while the dollar weakens more broadly.
Will USD to INR reach 100?
USD/INR needs to rise 3.4% from ₹96.73 to reach ₹100. As illustrative arithmetic only, at the rupee’s average rate of decline over the past decade (about 3.7% a year) that would take about 11 months. At this year’s faster pace it would take about four and a half months. That is why ₹100 sits at the top of our six-month range: possible, but it would need the rupee to keep falling at its 2026 speed despite the RBI now raising rates.
Will the Indian rupee get stronger?
A short-term recovery is possible, but a lasting rise in the rupee is unlikely while Indian inflation runs above US inflation. The rupee did strengthen for a time this year: from the 20 May record it recovered 2.6% to ₹94.33 by 19 June. A similar rally would need the dollar to weaken broadly or oil prices to fall. Over the past decade the rupee has fallen against the dollar in most years.
What is the USD to INR forecast for the next 5 years?
| Date (ECB fixing) | USD/INR |
|---|---|
| 30 December 2016 | 67.92 |
| 31 December 2018 | 69.63 |
| 31 December 2020 | 73.07 |
| 30 December 2022 | 82.66 |
| 31 December 2024 | 85.60 |
| 31 December 2025 | 89.87 |
| 9 October 2026 | 96.73 |
Since the end of 2016 the dollar has gained 42.4% against the rupee, about 3.7% a year. As illustrative arithmetic only, that pace would take USD/INR to about ₹116 in five years. If the gap between Indian and US inflation narrowed to the 2 points implied by the RBI’s 4% target and the Fed’s 2% target, a 2% annual drift would point nearer ₹107. No one can forecast a currency reliably five years ahead, so treat these as illustrations of the trend, not predictions.
What is the INR to USD forecast?
The INR to USD forecast is the same forecast turned round. At ₹96.73, ₹1,00,000 (one lakh) buys about $1,034. Our six-month range of ₹94–₹100 is equivalent to one lakh rupees buying between $1,000 and $1,064. See the live INR to USD rate.
What does the USD to INR forecast mean for sending money to India?
A weaker rupee means each dollar or pound buys more rupees. In an illustrative example, $10,000 converts to ₹9,67,300 at ₹96.73, ₹9,40,000 at ₹94 and ₹10,00,000 at ₹100. That is a spread of ₹60,000 inside our six-month range.
If you are sending from the UK, the rate that matters is the pound against the rupee, which also depends on the pound against the dollar. See our GBP to INR forecast, our euro to INR forecast, and our guide on how to send money to India from the UK. Payments sent in the wrong currency can lose money twice, as our guide on why money sent to India can arrive as US dollars explains, and our explainer on NRE, NRO and FCNR accounts covers which account to use.
For money moving the other way, our page on sending money from India to the UK explains the process. A rate alert can tell you when the rate reaches your target.
USD to INR forecast: frequently asked questions
What is the USD to INR prediction for 2026?
USD/INR is forecast between ₹95.00 and ₹98.50 for the rest of 2026. It fixed at ₹96.73 on 9 October 2026, close to its record of ₹96.83 on 20 May.
What was the highest dollar rate in India in 2026?
The highest USD/INR rate on ECB reference rates in 2026 was ₹96.83 on 20 May. The lowest was ₹89.85 on 7 January.
What is the RBI repo rate now?
The repo rate is 5.50%, after a 25-basis-point rise on 7 October 2026. The next RBI Monetary Policy Committee meeting is on 2 to 4 December 2026.
How does the Federal Reserve affect the rupee?
Higher US interest rates make dollar assets more attractive, which tends to strengthen the dollar against the rupee. The Fed raised rates to 3.75%–4.00% on 16 September 2026, and the dollar reached ₹96.78 on 8 October, near its May record.
Will the dollar rate decrease in India?
It could fall back in the short term, as it did between May and June 2026, but our six-month range of ₹94–₹100 leans toward a stable or weaker rupee. A sustained fall in the dollar rate would probably need lower oil prices and a weaker US dollar overall.
Speak to a specialist about your transfer to India
Whether you are supporting family, investing through an NRI account or paying an Indian supplier, every Cambridge Currencies transfer is handled by phone with a dedicated specialist. Get a quote for your rupee transfer, or see all our currency forecasts. We work with FCA-authorised payment partners Currencycloud (FRN 900199) and ScioPay (FRN 927951), with client funds safeguarded at a credit institution in line with UK safeguarding rules. This article is general guidance, not a personal recommendation.
Sources: Reserve Bank of India MPC resolution (7 October 2026); Federal Reserve FOMC statement (16 September 2026); FOMC meeting calendar; ECB euro reference rates (USD/INR derived).
