The Indian Rupee recorded a marginal gain of **6 paise** during early trade on Wednesday, February 18, 2026, opening at **90.64** against the US Dollar. This performance reflects a slight recovery from the previous session's close of **90.67**, as the currency navigates a landscape defined by cooling energy costs and fluctuating institutional flows. A primary tailwind for the Rupee is the softening of global crude prices. West Texas Intermediate (WTI) futures are currently trading near **$62 per barrel**, while Brent crude has retreated toward the **$67** mark. This downward trend is largely attributed to progress in U.S.-Iran diplomatic discussions, which has effectively reduced the geopolitical risk premium that previously inflated oil costs. Institutional investment activity remains a critical variable for domestic currency stability. While Foreign Institutional Investors (FIIs) have shown early signs of a strategic shift—turning net buyers in **eight of the last thirteen** sessions—the momentum is currently described as cautious. Recent data shows a minor net equity outflow of **₹214 crore**, though these pressures are being balanced by the consistent "shock absorber" role of Domestic Institutional Investors (DIIs). Domestic equity markets started the day on a flat to choppy note. The **BSE Sensex** hovered near **83,438**, while the **Nifty 50** struggled to maintain the **25,700** level, down roughly **9 points** in early exchanges. This lukewarm stock market performance has acted as a ceiling for the Rupee's appreciation, keeping gains modest. Foreign exchange reserves remain a pillar of support for the currency, despite a recent dip. India’s reserves currently stand at **$717.6 billion**, providing an import cover of over **11 months**. While the reserves fell by **$6.7 billion** in the most recent reporting week due to valuation changes in non-dollar assets and gold holdings, the overall buffer remains robust by historical standards. Market analysts expect the Rupee to remain range-bound in the near term. Traders are closely monitoring upcoming global triggers, specifically the Federal Open Market Committee (FOMC) meeting minutes and U.S. durable goods orders. These data points will influence the **Dollar Index**, which is currently holding around **97.23**, and ultimately dictate the Rupee's direction in the final sessions of the week.