Rupee Rallies 56 Paise Against US Dollar To Close At 93.91; Hits Six-Month High

The Indian rupee registered its strongest daily performance since October 12, gaining 56 paise against the US dollar on Friday, November 6.

The domestic currency settled at 93.91 per dollar, compared with its previous closing level of 94.47. It touched a six-month high during the trading session.

Market participants attributed the currency’s recovery to sustained foreign portfolio investments in Indian equities and declining crude oil prices. These developments improved demand for the rupee and eased concerns regarding India’s import expenditure.

Dealers reported that foreign banks sold dollars on behalf of foreign portfolio investors, providing additional support to the domestic currency.

The Reserve Bank of India (RBI) reportedly purchased dollars near the 93.88 level to prevent excessive appreciation.

The rupee appreciated approximately 0.6 per cent against the dollar during Friday’s session, outperforming other regional currencies. Its weekly gains reached nearly 1.2 per cent, making it one of Asia’s strongest performers.

The currency strengthened to an intraday high of 94.04, returning to levels last recorded around October 12.

On that date, RBI Governor Sanjay Malhotra had expressed confidence in India’s medium- and long-term balance of payments position.

Despite its recent recovery, the rupee has declined 4.3 per cent during calendar year 2026 and fallen 5.6 per cent over the past year.

The currency has gained nearly 1 per cent during the current financial year.

Market analysts expect the rupee to maintain its downward movement against the dollar in the near term. They identified 93.50 as a potential support level and 94.30 as resistance for the USD-INR pair.

Improved equity sentiment, foreign investment flows and easing geopolitical concerns could influence the currency’s future performance.

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