The Indian rupee maintained a steady stance on Tuesday, February 17, 2026, trading near **90.73** against the US dollar. While the local unit saw a marginal opening gain of **1 paisa**, the broader market sentiment remains balanced between supportive global energy prices and persistent pressure from a dominant greenback. The currency market is navigating a tight range as the Reserve Bank of India (RBI) continues its active oversight. Recent sessions have seen the rupee oscillate between **90.60** and **90.78**. Analysts note that suspected central bank interventions have been instrumental in preventing the currency from breaching the psychological resistance level of **91.00**. Energy costs are providing a much-needed cushion for the rupee. Brent crude futures are currently hovering around **$68.47** per barrel, while the Indian crude basket was last priced near **$69.16**. Although geopolitical tensions in the Middle East and naval drills near the Strait of Hormuz keep supply risks on the radar, the overall downward trend in oil prices from earlier peaks has reduced the import bill pressure. Domestic economic indicators remain robust, adding to the rupee’s resilience. India’s retail inflation for January 2026 was recorded at **2.75%** under the newly implemented CPI base year of **2024**. This figure sits comfortably below the central bank’s medium-term target of **4%**, marking the 12th consecutive month that inflation has remained within the tolerance band. Foreign institutional investor (FII) activity continues to be a primary source of volatility. While domestic institutional investors (DIIs) have acted as a stabilizing force with net purchases exceeding **9,775 crore** in February, foreign funds have remained cautious. FIIs have emerged as net sellers so far this month, with outflows totaling approximately **1,374 crore** in the cash market. Market participants are now focusing on upcoming global triggers, including US Federal Reserve meeting minutes and domestic manufacturing data. The dollar index remains firm at **96.78**, supported by cooling but steady US employment figures. In the immediate term, the rupee is expected to remain range-bound. Traders anticipate the currency will find support at **90.65**, with the RBI likely to maintain its strategy of managing liquidity and smoothing out sharp fluctuations to keep the unit below the **91.00** threshold.