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USD/INR history and ranges to 2030
Month-end rates for the last 10 years, then the historical range for each year-end to 2030 and the rate-gap path.
See the table →USD/INR Forecast 2026–2030
USD/INR is the number of rupees one US dollar buys. A higher rate means a weaker rupee. It was 93.94 on 9 November 2026. Below: what 17 years of ECB history and today's interest rates say about where it could be from 2027 to 2030. Ranges, not a price target.
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USD/INR outlook in brief
Today93.949 November 2026 · +5.9% in a year
End of 202792.19 – 103.8168% historical range · middle 98.34
End of 2030103.68 – 123.1368% historical range · middle 110.18
Rate-gap path, 2030100.18RBI 5.5% vs Fed 3.875%, held
The rupee has lost 5.6% of its value against the US dollar in the past year and lost 29.1% in ten years, while USD/INR itself moved +41.1% over the ten years (+3.5% a year). Since 2009 the US dollar has gained against the rupee in 100% of stretches as long as today-to-2030. The RBI's rate is 1.63 points above the Fed's, which tilts the rate-gap path higher.
USD/INR at each year-end to 2030
Ranges from 17 years of ECB history, the rate-gap path with today's policy rates held.
| Year-end | 95% range | 68% range | Middle | Rate gap |
|---|---|---|---|---|
| 2026 | 90.74 – 98.79 | 92.54 – 96.27 | 94.29 | 94.14 |
| 2027 | 89.20 – 108.21 | 92.19 – 103.81 | 98.34 | 95.62 |
| 2028 | 90.78 – 116.13 | 96.76 – 108.89 | 102.56 | 97.12 |
| 2029 | 97.16 – 126.09 | 100.16 – 115.44 | 106.34 | 98.64 |
| 2030 | 100.06 – 130.19 | 103.68 – 123.13 | 110.18 | 100.18 |
Starting point 93.94 (9 November 2026). 3,513 overlapping windows for 2030. Reserve Bank of India publishes no survey of exchange rate expectations we could use.
USD/INR forecast by month, next 12 months
Month-end ranges from history, and the rate-gap path.
| Month-end | 68% range | Middle | Rate gap |
|---|---|---|---|
| Nov 2026 | 92.94 – 95.42 | 94.06 | 94.02 |
| Dec 2026 | 92.54 – 96.27 | 94.29 | 94.14 |
| Jan 2027 | 92.29 – 96.91 | 94.45 | 94.27 |
| Feb 2027 | 92.16 – 97.57 | 94.60 | 94.38 |
| Mar 2027 | 92.01 – 98.37 | 94.81 | 94.51 |
| Apr 2027 | 91.94 – 98.97 | 95.15 | 94.63 |
| May 2027 | 91.84 – 99.95 | 95.44 | 94.75 |
| Jun 2027 | 91.68 – 100.58 | 95.80 | 94.87 |
| Jul 2027 | 91.65 – 101.20 | 96.08 | 95.00 |
| Aug 2027 | 91.51 – 102.13 | 96.36 | 95.12 |
| Sep 2027 | 91.61 – 102.79 | 96.79 | 95.24 |
| Oct 2027 | 92.04 – 103.13 | 97.18 | 95.37 |
Will USD/INR reach these levels?
Share of past stretches of the same length in which USD/INR, starting from 93.94, would end at or above each level.
| Level | End of 2027 | End of 2030 |
|---|---|---|
| 105 | 11% | |
| 110 | under 5% | |
| 115 | under 5% | |
| 120 | under 5% | |
| 125 | under 5% | |
| 130 | under 5% |
History, not probability: a crisis or a policy change can take USD/INR outside every level here.
4 figures to quote
USD/INR was 93.94 on 9 November 2026, +5.9% on a year earlier, so the rupee weakened against the US dollar.
Source: ECB euro reference ratesIn 95% of all 3,513 past stretches of the same length since 2009, a move like history's would leave USD/INR between 100.06 and 130.19 at the end of 2030; the middle outcome is 110.18.
Source: FX Recap calculation on ECB data since 2009With today's policy rates held to 2030 (RBI 5.5%, Fed 3.875%), the rate-gap path puts USD/INR at 100.18 at the end of 2030. That is roughly where forward contracts price the pair, not a prediction.
Source: Reserve Bank of India; US Federal Reserve; FX Recap calculationUSD/INR's highest ECB reference rate since 2009 was 96.83 on 20 May 2026; the lowest was 44.02 on 5 November 2010.
Source: ECB euro reference rates
How to read the three numbers
Historical range
Every stretch of the same length in the ECB's history since 2009, applied to today's 93.94. Two in three end 2030 between 103.68 and 123.13; nineteen in twenty between 100.06 and 130.19. A crisis or policy change can break the pattern.
Rate-gap path
The Reserve Bank of India's policy repo rate is 5.5% and the US Federal Reserve's is 3.875%, so the RBI pays 1.63 points more than the Fed. Forward contracts are priced so the extra interest is cancelled by the exchange rate: 100.18 by end-2030 if rates never change, which they will.
No survey
Reserve Bank of India does not publish economists' exchange rate expectations, so this page uses only the two calculated measures.
None of these is a signal to buy or sell. A leveraged position can lose more in a day than these ranges move in a month. Our position size calculator shows what a move costs at a given size, and the currency volatility index compares how far the rupee moves each week with other currencies.
USD/INR history and records
ECB reference rates. A positive change means the rupee weakened against the US dollar.
| Year | Year-end | Change |
|---|---|---|
| 2026 so far | 93.94 | +4.5% |
| 2025 | 89.87 | +5.0% |
| 2024 | 85.60 | +2.9% |
| 2023 | 83.17 | +0.6% |
| 2022 | 82.67 | +11.2% |
| 2021 | 74.37 | +1.8% |
| 2020 | 73.07 | +2.4% |
| 2019 | 71.38 | +2.5% |
| 2018 | 69.63 | +9.0% |
| 2017 | 63.88 | −5.9% |
| 2016 | 67.92 | +2.7% |
| Highest since 2009 | 96.83 20 May 2026 |
| Lowest since 2009 | 44.02 5 Nov 2010 |
| Last 5 years | 73.88 to 96.83 |
| Up years | 14 of 16 full years |
| Biggest yearly rises | 2011 +18.8% · 2013 +12.6% · 2022 +11.2% |
| Biggest yearly falls | 2017 −5.9% · 2010 −3.9% · 2023 +0.6% |
| Biggest 12-month rise | +27.1% 26 Jul 2011 – 25 Jul 2012 |
| Biggest 12-month fall | −12.5% 30 Mar 2009 – 30 Mar 2010 |
| Biggest one-day moves | +4.42% 27 Aug 2013 · −3.04% 18 May 2009 |
| Volatility | 5.3% last 12 months · 6.6% since 2009 |
| 5 and 10 years | +26.8% · +41.1% |
USD/INR seasonality: average move by month
Average month-end to month-end change since 2009, and how often USD/INR rose in that month. March has been the rupee's best month on average, August its worst.
Jan−0.14%up 47% of years
Feb+0.47%up 50% of years
Mar−0.33%up 33% of years
Apr+0.21%up 56% of years
May+0.93%up 78% of years
Jun+0.63%up 61% of years
Jul+0.20%up 61% of years
Aug+1.40%up 67% of years
Sep−0.01%up 56% of years
Oct−0.02%up 50% of years
Nov+0.73%up 71% of years
Dec−0.07%up 47% of years
Small averages next to normal monthly swings: not a reliable trading pattern.
What could push USD/INR up or down
Inflation gap
Indian inflation has run above US inflation for most of the last two decades, which is why the rupee has weakened gradually rather than in jumps.
RBI management
The Reserve Bank of India buys and sells dollars to smooth big moves, so USD/INR has some of the narrowest ranges on this page. On the ECB's rates the dollar has gained against the rupee over every stretch of three years or more since 2009.
Oil
India imports most of its oil, so higher crude prices raise the demand for dollars and weigh on the rupee.
Foreign investment
Flows into Indian shares and government bonds can strengthen the rupee for months, and outflows reverse it.
| Central bank | Rate | Status |
|---|---|---|
| Reserve Bank of India | 5.5% (policy repo rate) | RBI current rates, Nov 2026 |
| US Federal Reserve | 3.875% (federal funds target range 3.75%–4.00% (midpoint used)) | held 28 Oct 2026 |
Next rate decisions are on our economic calendar.
Method
| Rates | ECB euro reference rates, one per working day since 2 January 2009, crossed to the US dollar (EUR/INR ÷ EUR/USD). |
| Ranges | For each target date, the log change over the same number of days from every start day in the history; 5th, 16th, 50th, 84th and 95th percentiles applied to today's rate. |
| Rate gap | Today's rate × ((1 + RBI rate) ÷ (1 + Fed rate)) ^ years. |
| Odds | Share of those windows ending at or above each level. |
| Updates | Monthly, and after each RBI or Fed decision. |
Source: ECB Data Portal, EXR.D.INR.EUR.SP00.A and EXR.D.USD.EUR.SP00.A.
Cite this page
Free to use with a credit and link (CC BY 4.0).
FX Recap, "USD/INR forecast 2026–2030", updated 9 November 2026, https://fxrecap.com/forex-news/currency-forecast/usd-inr
Jawad Bin GoniPR & Reporter, FX Recap[email protected]
USD/INR forecast: common questions
What will USD/INR be in 2030?
Nobody knows, and any single number for 2030 is a guess. What can be measured: if the next four years look like a typical four-year stretch since 2009, USD/INR would end 2030 between 103.68 and 123.13 two times in three, and between 100.06 and 130.19 19 times in 20. With today's policy rates held, the rate-gap path ends 2030 at 100.18.
What is the USD/INR forecast for 2027?
For the end of 2027 the historical range is 89.20 to 108.21 (95%), with a middle outcome of 98.34, and the rate-gap path is 95.62.
Will USD/INR reach 115?
In 27% of past stretches the length of today-to-2030, a move like history's would take USD/INR to 115 or higher by the end of 2030, starting from 93.94. By the end of 2027 the share is 0% or less. The table "Will it reach these levels?" shows the shares for other round numbers.
Could the rupee get stronger from here?
It can, but on history it is the less common outcome. In 0% of past stretches the length of today-to-2030, USD/INR ended lower than it started, which would mean a stronger rupee. USD/INR's lowest ECB reference rate since 2009 was 44.02 on 5 November 2010.
Will the rupee get stronger or weaker?
Over the past 17 years the US dollar gained against the rupee in 100% of all stretches the length of today-to-2030, on ECB data. Past patterns can break: a change in inflation, interest rates or politics can turn the trend. This page shows ranges, not a direction call.
Why does a higher interest rate in India point to a weaker rupee?
Forward prices have to balance the interest earned in each currency. If RBI rates are higher than Fed rates, the forward price of USD/INR sits above today's rate, otherwise a trader could borrow one currency, hold the other and lock in a riskless profit. That is why the rate-gap path rises over time. It is a pricing rule, not a forecast: high-yield currencies often hold up better than the path suggests.
Where do these figures come from?
Exchange rates are the ECB's euro reference rates, crossed to the US dollar (EUR/INR ÷ EUR/USD). Policy rates come from the Reserve Bank of India and the US Federal Reserve. The ranges are FX Recap's own calculation, and every figure is in the free CSV.
How volatile is USD/INR?
Over the last 12 months USD/INR moved with an annualised volatility of 5.3% on daily ECB rates, against 6.6% over the whole history since 2009. Its largest one-day rise was +4.42% on 27 August 2013, and its largest one-day fall −3.04% on 18 May 2009.
Is there a best month for the rupee?
On average since 2009, March has been the rupee's best month against the US dollar (USD/INR −0.33% on average) and August its worst (+1.40%). The averages are small next to normal monthly swings, so they are not a reliable trading pattern.
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Risk warning. Forex and CFD trading carries a high risk of losing money rapidly due to leverage. Historical ranges, rate-gap paths and surveys do not predict future prices. This page is information, not financial advice.