Rupee Rises to 93.70 Against US Dollar as Crude Oil Prices Fall; What's Driving the Indian Currency's Recovery?

The Indian rupee rose 7 paise to 93.70 against the US dollar in early trade on Wednesday, November 11, 2026, as lower crude oil prices and foreign fund inflows supported the domestic currency.

The rupee opened at 93.71 in the interbank foreign exchange market and touched 93.70 against the dollar, compared with its previous close of 93.77, according to PTI.

Currency markets were closed on Tuesday for Diwali Balipratipada. On Monday, the rupee had gained 21 paise against the US dollar.

The rise came as crude oil prices fell to their lowest level in more than two months. Brent crude futures declined $1.08, or 1.2%, to settle at $91.49 per barrel on Tuesday, while US West Texas Intermediate (WTI) crude fell 81 cents, or 0.9%, to $86.04 per barrel.

Both benchmarks recorded their lowest closing levels since August 31 after concerns over further military action involving the United States and Iran eased.

Oil prices, however, recovered some ground on Wednesday amid fresh concerns over shipping through the Strait of Hormuz. Brent crude rose to around $92.20 per barrel in early Asian trade, while WTI traded near $86.53.

Foreign fund inflows also supported the rupee. Foreign institutional investors (FIIs) purchased Indian equities worth ₹7,212.22 crore on Monday, according to exchange data.

The dollar index, which measures the US currency against six major currencies, was trading marginally higher at 102.26.

Why Is the Rupee Rising Against the Dollar Today?

The fall in crude oil prices has reduced some of the pressure on the Indian currency.

India imports most of the crude oil it consumes, and oil companies need US dollars to pay for these purchases. When crude prices decline, the cost of imports falls, which can reduce demand for dollars.

Oil prices had risen sharply earlier amid the US-Iran conflict, putting pressure on the rupee and increasing India's import bill. The recent decline has provided some relief.

Foreign investors returning to Indian equities have also helped the currency. Overseas investors bring dollars into the country when they purchase Indian shares, adding to dollar supply in the domestic market.

However, the rupee's gains remained limited as the US dollar held firm against other major currencies.

Higher US Treasury yields have also supported the dollar after stronger-than-expected US inflation data raised concerns that interest rates could remain elevated.

Anindya Banerjee, Head of Commodity and Currency Research at Kotak Neo, said cheaper oil provides support to the rupee through a lower import bill, while higher US yields and a stronger dollar continue to put pressure on the currency.

Rupee vs Dollar: What Are the Key Levels?

Currency dealers expect the rupee to trade between 93.25 and 94.25 against the US dollar during Wednesday's session.

The 93.50 level is being watched by importers looking to hedge their dollar payments, while exporters may look at levels above 94 to sell dollars against future receivables.

The rupee's movement will also depend on whether crude oil prices continue to recover from Tuesday's lows and whether foreign investors maintain their buying in Indian equities.

US bond yields and the dollar index remain other factors influencing the currency.n investment flows and US Treasury yields.

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