Rupee gains 7 paise to close at 93.70 against US dollar

According to a report by The Hindu, on Wednesday (11 November, 2026), the Indian rupee closed at 93.70 (provisional) against the US dollar, gaining 7 paise, owing to domestic market strength, foreign capital inflows, and potential support from declining global crude oil prices. Forex traders stated that the rise in the Indian currency was observed as domestic markets reached an eight-month high amid foreign portfolio investor (FPI) inflows and softening crude oil prices. However, a stronger dollar and a surge in US Treasury yields kept the rupee's gains in check.

The dollar strengthened due to higher-than-expected CPI inflation in the US, which has increased the likelihood of a rate hike by the Federal Reserve in December. The rupee opened at 93.71 against the US dollar in the interbank foreign exchange market. During the day's trade, the rupee touched a high of 93.63 and a low of 93.88 against the US currency. It settled at 93.70 (provisional), up 7 paise from its previous close.

Earlier on Tuesday (10 November, 2026), domestic equity, currency, and debt markets remained closed on account of 'Diwali Balipratiprada'. On Monday (9 November, 2026), the rupee had strengthened by 21 paise to reach 93.77 against the US dollar. Anuj Chaudhary, research analyst at Mirae Asset Sharekhan, stated that the rupee is expected to trade with a positive bias due to domestic market strength and foreign inflows. Declining global crude oil prices could also provide support to the rupee.

However, he added that strength in the Greenback (dollar) amid better inflation and job data, along with a surge in US Treasury yields, could limit the rupee's upside. US banks will remain closed on Wednesday (11 November, 2026) due to the Veterans Day holiday. USD-INR spot prices are expected to trade in the range of 93.40 to 93.95, Mr. Chaudhary added. Meanwhile, the dollar index, which measures the strength of the dollar against a basket of six currencies, was up 0.27% at 102.50.

Global oil benchmark Brent crude futures were trading up 1.01% at $92.41 per barrel. According to exchange data, foreign institutional investors (FIIs) bought equity worth ₹7,212.22 crore on Monday (9 November, 2026). Driven by AI-based selling in global markets, strong domestic earnings growth, and attractive large-cap valuations, foreign investors emerged as net buyers of Indian equities in November. After two consecutive months of outflows, they invested ₹53,739 crore in the first nine days.

According to data available with depositories, this latest investment comes after net outflows of ₹34,843 crore in October and ₹35,861 crore in September.