Indian Rupee Hits Strongest Level Against US Dollar Since April; Closes At 93.69

The Indian currency extended its recovery on Wednesday, reaching its strongest position against the US dollar since April amid favourable global and domestic market conditions.

The rupee gained 0.2 per cent during trading and settled at 93.69 against the greenback after reaching an intraday peak of 93.63. This marked a considerable improvement from its historic low of 96.96 recorded in May.

The currency has regained significant ground after approaching its record low again last month. Nevertheless, it continues to trade around 4 per cent below its value at the beginning of 2026.

According to market participants cited by NDTV Profit, the USD-INR pair faces immediate resistance at 94.10, while the 93.50 level provides near-term support.

Analysts linked the rupee’s appreciation partly to the Reserve Bank of India’s limited intervention during a period of positive investor sentiment.

Renewed strength in the US dollar following Tuesday’s inflation data restricted the domestic currency’s upward movement.

Higher American interest rates continued to create pressure on emerging-market currencies.

Despite this challenge, returning foreign investments helped improve confidence in Indian equities.

Foreign institutional investors (FIIs) channelled nearly $6 billion into Indian stocks during November, representing their highest monthly investment since September 2024.

Despite its recent gains, the rupee could face fresh depreciation pressures in the coming months.

A recent report forecast that the Indian currency might weaken to 100 against the US dollar by June 2027, notwithstanding its latest recovery.

The report suggested that a slowdown in worldwide artificial intelligence investment and a reversal of recent foreign portfolio outflows could redirect international financial resources towards India.

Also Read: Rupee May Fall To 100 Against US Dollar By June 2027, Axis Bank Research Warns