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The rupee appreciated 24 paise to 93.74 against the U.S. dollar in early trade on Monday (November 9, 2026), supported by lower crude prices, improving foreign flows and hopes of de-escalation in the West Asia.
Forex traders said the overall outlook for the rupee remains positive as any progress towards peace in the West Asia reduces the risk premium in crude oil and provides further support to the rupee.
Over the weekend, encouraging news came from the West Asia, as President Donald Trump indicated that fresh military strikes against Iran are highly unlikely if negotiations make progress and both sides reach a strong agreement.
In the interbank foreign exchange market, the rupee opened at around 93.85, then gained ground to touch 93.74, up 24 paise from its previous session’s closing level.
On Friday (November 6, 2026), the rupee surged 43 paise to close at 93.98 against the U.S. dollar.
“The improvement in diplomatic expectations is already reflecting in energy prices. Brent crude, which had climbed to around $117.64, has now slipped below $100 and is trading near $98. For currency markets, even the possibility of a lasting agreement is important,” C.R. Forex Advisors MD Amit Pabari said.
Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading at 102.18, lower by 0.12%.
Brent crude, the global oil benchmark, was trading 0.15 per cent lower at $98.17 per barrel in futures trade.
Foreign institutional investors (FIIs) purchased equities worth ₹13,749.82 crore on Friday (November 6, 2026), according to exchange data.
In early trading on Monday, the Sensex fell 93.95 points to 80,919.19, while the Nifty dipped 30 points to 24,968.80.
“With USD/INR breaking below the 94.00 mark, the probability of further rupee appreciation towards 93.50 and 93.00 has increased. On the upside, 94.40–94.50 is likely to act as the immediate resistance zone,” Pabari said.
Meanwhile, India’s forex reserves dropped $2.691 billion to $717.056 billion during the week ended October 30, the RBI said on Friday (November 6, 2026).
DR
Published – November 09, 2026 10:16 am IST
