Rupee Rises 7 Paise to 93.70 Against US dollar in Early Trade
11 Nov 2026 11:13 AM IST11 Nov 2026 11:13 AM IST
Forex traders said foreign investors are gradually finding their way back into the domestic market, after months of cautious participation and substantial outflows
The rupee appreciated 7 paise to 93.70 against the US dollar in early trade on Wednesday.
Mumbai: The rupee appreciated 7 paise to 93.70 against the US dollar in early trade on Wednesday, backed by a steady return of foreign capital, softer crude oil prices and improving geopolitical sentiment. Forex traders said foreign investors are gradually finding their way back into the domestic market, after months of cautious participation and substantial outflows.
The rupee has emerged as one of Asia's best-performing currencies in FY27. If foreign fund inflows continue, it could provide an important cushion against external uncertainties, they said.
In the interbank foreign exchange market, the rupee opened at around 93.71, then touched 93.70, up 7 paise from its closing level on Monday.
On Tuesday, domestic equity, currency and debt markets were closed on account of 'Diwali Balipratipada'. On Monday, the rupee appreciated 21 paise to 93.77 against the US dollar.
"The rupee's underlying momentum remains positive, backed by a steady return of foreign capital, softer crude prices and improving geopolitical sentiment. If these supportive factors continue, USD/INR could extend its decline towards 93.50, with 93.00 emerging as the next important level to watch," CR Forex Advisors MD Amit Pabari said.
Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading at 102.26, higher by 0.03 per cent.
Brent crude, the global oil benchmark, was trading 1.01 per cent higher at USD 92.41 per barrel in futures trade.
"For the rupee, cheaper oil offers support through a lower import bill, while higher US yields and the stronger dollar create an opposing pressure," said Anindya Banerjee, Head of Commodity and Currency Research, Kotak NEO.
India's inflation data, to be released on Thursday, will be the next domestic policy signal, Banerjee said.
Foreign institutional investors (FIIs) purchased equities worth Rs 7,212.22 crore on Monday, according to exchange data.
Driven by the AI-led sell-off in global markets, strong domestic earnings growth and attractive large-cap valuations, foreign investors turned net buyers of Indian equities in November, infusing Rs 53,739 crore in the first nine days after two consecutive months of outflows.
The latest investment follows net outflows of Rs 34,843 crore in October and Rs 35,861 crore in September, according to data available with the depositories.
( Source : PTI )
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