Indian rupee strengthens past 94/$ as oil slides, foreign inflows return

What happened: The rupee strengthened past 94 per dollar, ending at 93.9050, its highest level since April 22, helped by falling oil prices and returning foreign inflows after the US midterm elections. Key numbers: Rupee ended at 93.9050, down 4.5% in 2026 after an all-time low of 96.96 in May. Why it matters: HDFC Securities analyst Dilip Parmar said the rupee may keep appreciating if foreign inflows persist, eyeing 93.70 and then 93.50. Kotak Securities analyst Anindya Banerjee said a sustained break below 94 could open the way toward 92.50 unless the RBI buys dollars.

The rupee strengthened past 94 per dollar, ending at 93.9050, its highest level since April 22, helped by falling oil prices and returning foreign inflows after the US midterm elections.

HDFC Securities analyst Dilip Parmar said the rupee may keep appreciating if foreign inflows persist, eyeing 93.70 and then 93.50. Kotak Securities analyst Anindya Banerjee said a sustained break below 94 could open the way toward 92.50 unless the RBI buys dollars.