India’s Rupee Under Pressure as Mutual Funds Restrict Gold ETF Investments

Published by

Qadir AK

October 16, 2026

Map of India flag surrounded by floating Bitcoin coins and money.

India’s currency pressure is intensifying despite an estimated $75–80 billion in RBI intervention since June, with the rupee trading near ₹97 per dollar. HDFC, Kotak Mahindra and UTI have reportedly suspended bulk subscriptions to their gold ETFs following discussions with SEBI. The move aims to limit a potential surge in gold demand ahead of Diwali. High oil prices, foreign investor outflows and falling forex reserves are adding pressure, raising concerns about further rupee weakness.

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