Rupee hits over 6-month high of 94.06 as US dollar softens post midterms

Mangalore Today News Network

New Delhi, Nov 6, 2026: The Indian rupee strengthened to ₹94.06 against the US dollar on November 7, its strongest level in over six months, surpassing the previous high of ₹93.99 recorded on April 23. 

The domestic currency opened at 94.50 against the dollar, depreciating 9 paise from its previous close of 94.41 but later recovered to touch 94.06, as per Bloomberg data.

 
The rupee’s appreciation was supported by a weaker US Dollar Index, a sharp correction in oil prices, and improved global risk sentiment following the US midterm election results, said Anil Kumar Bhansali, Head of Treasury and Executive Director, Finrex Treasury Advisors LLP.
 
Expectations of easing geopolitical tensions in West Asia and renewed foreign portfolio inflows also lent support to the domestic currency, he said.

At the last check, Brent crude, the global oil benchmark, was trading 1.4 per cent higher at $99.7 per barrel mark. West Texas Intermediate (WTI) crude rose 1.05 per cent to $91.4.

Bhansali said that going forward, lower crude prices and sustained foreign inflows could provide further support, although dollar demand from importers and banks may restrict further appreciation. 
 
“Exporters are expected to sell all the upticks, while importers to keep buying the dips near to 94.30, which is proving to be a strong support for the dollar as rupee has moved three times from this level,” Bhansali said.   
 
Bhansali added that  Indian government bonds rose for a fourth straight session on Thursday, buoyed by a US Treasury rally and an early slide in crude prices, but surrendered most gains after oil rebounded and traders locked in profits. The benchmark 6.94 per cent 2036 bond yield eased nearly 2 basis points to 7.17 per cent, extending its four-session decline to around 24 bps. It reversed from an intraday low of 7.06 per cent as traders locked in gains.