India’s 40-currency trade-weighted real effective exchange rate REER rose to 92.24 in September from 91.96 in August, indicating a modest appreciation in the rupee’s real effective value, according to the Reserve Bank of India’s monthly bulletin.

The increase came even as the rupee weakened against the US dollar during the month. The currency fell around 0.7% in September, ending at 95.83 per dollar on September 30, as elevated crude oil prices, foreign portfolio outflows and higher global bond yields weighed on sentiment. RBI intervention helped limit the decline.

The US dollar index, which measures the greenback against a basket of major currencies, rose about 2% in September to close at 101.45, compared with 99.43 at the end of August. The dollar strengthened through the latter part of the month, adding to pressure on emerging-market currencies, including the rupee.

The REER adjusts the nominal exchange rate for relative inflation and trade weights. Its increase does not contradict the rupee’s fall against the dollar, as the index measures performance against a broader basket of currencies.