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Rupee edges up at the open as traders wait for Fed decision and oil rises

The rupee opened slightly stronger against the dollar on Wednesday, while Brent gained after a strike on a Saudi refinery and the Fed decision loomed.

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what happened

According to TradingView, the Indian rupee opened at 95.02 per dollar on Wednesday, October 28, about 10 paise stronger than Tuesday's close at 95.12. Dealers were waiting for the US Federal Reserve's decision, which was due after Indian trading hours.

Brent climbed 1.6% to $115.74 a barrel in Asian trade following an attack on a refinery in Saudi Arabia, reviving worries about supply disruptions in West Asia.

The Reserve Bank of India continues to support the currency, including a special dollar-purchase window for oil refiners.

why it matters

For markets, two factors matter here: costlier crude raises India's import bill and dollar demand, which weighs on the rupee, while the Fed's signals on rates will set the tone for the dollar and emerging-market currencies. Most participants expect rates to stay unchanged, but ING Bank analysts, per TradingView, see a possible hike in December.

market impact

Rupee and oil: supply risks pressure the Indian currency and support Brent prices.

  • Brent pressure up — supply worries after the attack on a Saudi refinery
  • Indian rupee pressure down — pricier crude lifts the import bill and dollar demand

tags

Currency

instruments

USD/INRBrentDollar index

sources

  1. Rupee opens 4 paise higher at 95.08 against the dollar, Fed decision awaited — TradingView, 28 October 2026 at 04:00 UTC
  2. Rupee opens 10 paise higher at 95.02 against dollar; Fed decision in focus — TradingView, 28 October 2026 at 03:56 UTC

prepared by the newsmetry newsroom with ai assistance from the sources listed below. not investment advice.

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