The Indian foreign exchange market was closed on Wednesday due to Eid-e-Milad holiday.&nbsp;
On Tuesday, <a href="https://www.mid-day.com/business/business-news/article/rupee-declines-4-paise-to-9574-against-us-dollar-amid-elevated-crude-oil-prices-23646512" target="_blank" rel="none noopener">the rupee</a> settled higher by 26 paise at 95.44 against the US dollar, paring its initial losses, driven by positive domestic markets, a weaker greenback, and a fall in crude oil prices.
The Reserve bank of India on its website stated that banks will remain closed across Maharashtra, Karnataka, Madhya Pradesh, Tamil Nadu, Uttarakhand, Telangana, Manipur, Jammu and Kashmir, Uttar Pradesh, Kerala, Delhi, Bihar, Chhattisgarh and Jharkhand will remain closed on Wednesday 26 August. In Kerala, Onam is also celebrated on August 26.
<h2>What is Eid-e-Milad?</h2>
The birthday of Prophet Mohammad is celebrated as a festival. It is also called as Barawafat or Eid-e-Milad-un-nabi. This festival falls on the 12th day of the third month of the Islamic calendar which is called Rabiul Awal. According to the beliefs, <a href="https://www.mid-day.com/news/india-news/article/what-is-eid-e-milad-un-nabi-date-history-significance-facts-all-you-need-to-know-23248389" target="_blank" rel="none noopener">Prophet Mohammed was born on the 12th day of Rabiul Awal</a>.&nbsp;
On the occasion of Eid-e-Milad-un-Nabi, people of the Muslims offer prayers in mosques throughout the night and greet each other. The holy Quran is especially read in mosques and homes, some also donate the necessities to the needy.
Processions are also taken out in many places on the occasion. Dishes are prepared in homes and they are shared with a message of brotherhood with each other.&nbsp;
Prophet Muhammad was born in the Arab city of Mecca in 570 AD. Muhammad's father's name was Hazrat Abdullah and his mother's name was Aamna Bibi. According to Islam, Prophet Mohammad is considered to be the last prophet.
<h2>Indian equities</h2>
The stock market was open for trading on Wednesday. The 30-share BSE Sensex jumped 275.63 points or 0.35 per cent at 77,931.72 during the initial trade. The 50-share NSE Nifty gained 33.05 points or 0.14 per cent at 24,367.60 during the early deals.
According to news agency PTI, Brent crude, the global oil benchmark, traded 2.66 per cent lower at USD 86.22 per barrel, while <a href="https://www.mid-day.com/business/stock-market/article/foreign-institutional-investors-offload-equities-worth-rs-7180-crore-amid-west-asia-crisis-23641524" target="_blank" rel="none noopener">Foreign Institutional Investors (FIIs) </a>bought equities worth Rs 1,593.53 crore on Tuesday.
On the domestic macroeconomic front, the Reserve Bank of India's special USD-INR forex swap facility for FCNR(B) deposits, Overseas Foreign Currency Borrowings (OFCB) and External Commercial Borrowings (ECB) have mobilised foreign exchange inflows of USD 73 billion as of August 21, 2026, reflecting strong backing from Non-Resident Indians (NRIs), as per PTI.&nbsp;
(With inputs from PTI)

The rupee gained 26 paise against the US dollar at 95.44 on Tuesday due to weaker American currency and easing of crude oil prices

Indian foreign exchange market closed for Eid-e-Milad holiday

Indian economy shows resilience amid global uncertainties: RBI bulletin

On Tuesday, the rupee settled 26 paise higher at 95.44 against the US dollar, paring its initial losses, driven by positive domestic markets, a weaker greenback, and a fall in crude oil prices

Indian foreign exchange market will remain closed today for Eid-e-Milad

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