The Indian rupee appreciated by 7 paise to 93.70 against the US dollar in early trade on Wednesday, November 11, 2026. In the interbank foreign exchange market, the currency opened at 93.71 before firming up to the 93.70 level, reflecting a 7-paise gain from its closing value on Monday, November 9.
Forex traders noted that the recovery is supported by a steady return of foreign capital to the domestic market, following months of cautious participation and substantial outflows. According to exchange data, foreign institutional investors (FIIs) purchased equities worth Rs 7,212.22 crore on Monday. In the first nine days of November alone, investors infused Rs 53,739 crore into Indian equities, marking a reversal after net outflows of Rs 34,843 crore in October and Rs 35,861 crore in September.
Market experts suggest that the currency's momentum remains positive, though it faces competing pressures. Amit Pabari, Managing Director of CR Forex Advisors, stated that if current supportive factors—including softer crude prices and improving geopolitical sentiment—persist, the USD/INR exchange rate could potentially decline toward 93.50. Anindya Banerjee, Head of Commodity and Currency Research at Kotak NEO, noted that while cheaper oil supports the rupee by lowering the import bill, higher US yields and a strengthening dollar index exert opposing pressure.
Key facts
- The rupee touched 93.70 against the dollar in early Wednesday trade, up 7 paise from Monday's close.
- Brent crude futures were trading 1.01% higher at USD 92.41 per barrel.
- The dollar index, measuring the greenback against six currencies, stood at 102.26, a 0.03% increase.
- Foreign investors infused Rs 53,739 crore into Indian equities in the first nine days of November.
- Domestic markets were closed on Tuesday, November 10, for Diwali Balipratipada.
Why it matters
The upcoming release of India’s inflation data on Thursday, November 12, is expected to serve as the next significant domestic policy signal for the markets. Analysts maintain that continued foreign fund inflows are crucial for providing a buffer against external financial uncertainties.
Source: Economic Times, The Hindu
Comments