Our October forecast of ₹95.00–₹98.50 for the rest of 2026 has been broken: the rupee strengthened to ₹94.48, below the bottom of that range, so we have moved the year-end range down to ₹93.50–₹96.50. For the pound and euro against the rupee, see our GBP to INR forecast and EUR to INR forecast, which use consistent ranges.
What is the dollar rate in India today?
On ECB reference rates, one US dollar bought ₹94.48 on 5 November 2026, against ₹96.73 on 9 October and ₹90.20 on 2 January. The dollar is still up 4.7% against the rupee this year, but the rupee has recovered 2.3% since the RBI’s 7 October rate rise and is now just below its September low of ₹94.49. Check the live USD to INR rate at any time.
| Right now (5 November 2026) | Level |
|---|---|
| USD/INR (ECB, derived) | 94.4757 |
| INR/USD | 0.0106 |
| RBI repo rate | 5.50% (raised 25bp on 7 October 2026) |
| Fed funds target range | 3.75%–4.00% (held on 28 October 2026) |
| Gap in the rupee’s favour (vs Fed midpoint) | 1.625 percentage points |
| Next RBI decision | MPC meeting 2–4 December 2026 |
| Next Fed decision | 8–9 December 2026 |
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) |
Averages are of ECB reference rate fixings on working days; USD/INR is derived from the ECB’s euro rates. Key fixings since: 9 October 96.73; 5 November 94.48.
Most of this year’s fall in the rupee came between March and May, when it lost about 6% against the dollar in under three months. From June to early October it traded in a narrower band of roughly ₹94.30 to ₹96.80, and it has since moved back to the bottom of that band.
Why is the rupee falling against the dollar?
The rate gap is unchanged on the year
| Date | RBI repo rate | Fed funds rate (midpoint) | Gap in the rupee’s favour |
|---|---|---|---|
| 1 January 2026 | 5.25% | 3.625% | 1.625 points |
| 16 September 2026 (Fed rise) | 5.25% | 3.875% | 1.375 points |
| 7 October 2026 (RBI rise) | 5.50% | 3.875% | 1.625 points |
| 5 November 2026 | 5.50% | 3.875% | 1.625 points |
The Federal Reserve raised its range to 3.75%–4.00% on 16 September and held it on 28 October in a 10–2 vote, with two members preferring a further rise. On 7 October the Reserve Bank of India raised its repo rate by 25 basis points to 5.50% in a unanimous vote, moved to “calibrated tightening” and said rate cuts are off the table in the near term. The yield advantage of holding rupees is back where it started the year, and the RBI’s shift in stance appears to have helped the rupee since.
Indian inflation is running above target
The RBI projects CPI inflation of 5.2% for 2026-27, peaking at 6.0% in October–December, against a 4% target. US inflation is also elevated: CPI was 3.7% in September (BLS). Over time, higher inflation in India than in the US tends to weaken the rupee. India also imports most of its crude oil, so higher energy prices add to demand for dollars.
The US dollar and the December Fed decision
US payrolls rose 165,000 in October, according to the Bureau of Labor Statistics, against about 65,000 expected (reported), and unemployment fell to 4.1%. That raises the chance of a Fed rise on 8–9 December, which could firm the dollar. Our US Dollar Index forecast tracks the dollar’s broad strength, and our Federal Reserve rate decision guide covers the meeting.
What is the USD to INR forecast for 2026 and the next 6 months?
| Horizon | USD/INR range | What pushes it higher | What pushes it lower |
|---|---|---|---|
| To end December 2026 | ₹93.50–₹96.50 | A Fed rise on 9 December; higher oil prices | A further RBI rise on 4 December |
| To end March 2027 | ₹93–₹98 | Indian inflation peaking near 6% | A broadly weaker dollar |
| Next 6 months (to early May 2027) | ₹93–₹98 | The Fed keeps tightening while the RBI pauses | Lower energy prices narrow India’s import bill |
| 2027 as a whole | ₹92–₹100 | The long-run inflation gap reasserts itself | The RBI holds a wide rate advantage |
Cambridge Currencies’ forecast ranges as at 5 November 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.
The year-end range is tilted slightly above spot, because a December Fed rise looks more likely after October’s payrolls. If the RBI raises again on 4 December, the rupee could test ₹93.50.
Will USD to INR reach 100?
USD/INR would need to rise 5.8% from ₹94.48 to reach ₹100. As illustrative arithmetic only, at the rupee’s average rate of decline over the past decade (about 3.4% a year) that would take about 20 months; at this year’s pace, about 12 months. ₹100 therefore sits at the very top of our 2027 range and outside our ranges to March, a lower probability than in October, when the rupee was close to its record.
Will the Indian rupee get stronger?
It already has, modestly: from ₹96.73 on 9 October to ₹94.48 on 5 November. A further short-term recovery towards ₹93.50 is possible if the RBI raises again in December and the dollar softens. A lasting rise is less likely while Indian inflation runs above US inflation; 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 | 67.9200 |
| 31 December 2018 | 69.6300 |
| 31 December 2020 | 73.0700 |
| 30 December 2022 | 82.6600 |
| 31 December 2024 | 85.6000 |
| 31 December 2025 | 89.8700 |
| 5 November 2026 | 94.4757 |
Since the end of 2016 the dollar has gained about 39% against the rupee, about 3.4% a year. As illustrative arithmetic only, that pace would take USD/INR to about ₹112 in five years. If the inflation gap 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 ₹104. No one can forecast a currency reliably five years ahead, so treat these as illustrations of the trend.
What is the INR to USD forecast?
The INR to USD forecast is the same forecast turned round. At ₹94.48, ₹1,00,000 (one lakh) buys about $1,058. Our range to March 2027 of ₹93–₹98 is equivalent to one lakh rupees buying between about $1,020 and $1,075. See the live INR to USD rate.
What does the USD to INR forecast mean for sending money to India?
| Illustrative: $10,000 converted at | Rupees received | Difference vs 5 November |
|---|---|---|
| ₹93.50 (bottom of year-end range) | ₹9,35,000 | −₹9,757 |
| ₹94.4757 (5 November fixing) | ₹9,44,757 | — |
| ₹96.50 (top of year-end range) | ₹9,65,000 | +₹20,243 |
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 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. For money moving the other way, see sending money from India to the UK. A rate alert can tell you when the rate reaches your target.
Which dates matter for USD to INR?
| Date | Event | Why it matters |
|---|---|---|
| 10 November 2026 | US CPI (October) | Shapes the odds of a Fed rise |
| 2–4 December 2026 | RBI MPC meeting | A further rise could support the rupee |
| 4 December 2026 | US jobs report (November) | Dollar direction |
| 8–9 December 2026 | Federal Reserve decision and projections | A rise could push USD/INR higher |
USD to INR forecast: frequently asked questions
What is the USD to INR prediction for 2026?
USD/INR is forecast between ₹93.50 and ₹96.50 for the rest of 2026. It fixed at ₹94.48 on 5 November 2026, below its 20 May record of ₹96.83.
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 2–4 December 2026, according to the RBI’s schedule.
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 held on 28 October; its next decision is on 8–9 December.
Will the dollar rate decrease in India?
It already has since early October. Our year-end range of ₹93.50–₹96.50 allows a little further fall if the RBI raises again, but leans slightly higher because of the December Fed decision.
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, from £5,000. 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. Exchange rates can move against you as well as in your favour.
