Rupee Hits Seven-Month High At 93.69 Against US Dollar On FPI Inflows And Lower Crude Oil Prices

New Delhi, November 11, 2026 - The Indian rupee reached its strongest level in seven months on Wednesday, buoyed by significant foreign portfolio investor inflows, declining crude oil prices, and bullish positioning in forward markets. The rupee climbed 0.2% to close at 93.69 against the US dollar, after peaking at 93.63 intraday, a substantial shift from its all-time low of 96.96 in May.

This comes after a year marked by a roughly 4% depreciation in the rupee. The Indian rupee faces resistance around 94.10, supported by 93.50 in the near term, as per market sources, according to an NDTV Profit report. Analysts attribute the rupee's rise to the absence of central bank intervention amidst a risk-on sentiment, though a rebound in the US dollar following Tuesday's inflation data put downward pressure on the local currency.

Although higher US interest rates typically weaken emerging-market currencies, renewed overseas capital flows bolstered domestic confidence. In November alone, foreign institutional investors poured nearly $6 billion into Indian equities, the highest monthly inflow since September 2024.