limited range – The rupee traded in a range-bound range against the US dollar in early trade on Wednesday (October 29, 2025), as month-end dollar demand negated positive domestic equity support. Forex traders said the main factors influencing the rupee are geopolitical developments. Besides, the Reserve Bank of India is also intervening on both the buy and sell side to keep the rupee in the range of 87.

50 to 88. 50, he said. At the interbank foreign exchange market, the rupee opened at 88.

21, and touched an early low of 88. 34 and a high of 88. 18 against the greenback, registering a gain of 11 paise from its previous close.

On Tuesday, the rupee fell 10 paise to close at 88. 29 against the US dollar. “The rupee is expected to open almost flat today amid mixed macro-economic factors and meetings of major central banks starting with BOC, FED, BOJ and ending with ECB on Thursday,” said Anil Kumar Bhansali, head of treasury and executive director, Finrex Treasury Advisors LLP.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, rose 0. 14% to 98. 81.

Global oil benchmark Brent crude fell 0. 08% to $64.

35 a barrel in futures trade. “All eyes are now on the Federal Reserve’s FOMC meeting, where a rate cut of 25 basis points is almost certain.

However, what will truly decide the market’s direction is the Fed’s tone – whether it signals further rate cuts or signals a pause,” said Amit Pabari, MD, CR Forex Advisors. Resistance for the rupee is near 88. 40 and support is near 87.

70. Mr Pabari said a decisive move below that area could open the door to another decline towards 87. 20.

On the domestic equity market front, Sensex rose 287. 94 points to 84,916. 10 in early trade, while Nifty was up 86.

65 points at 26,022. 85. According to exchange data, foreign institutional investors bought equities worth ₹10,339.

80 crore on Tuesday.