Indian rupee slips to 94.55 per dollar as oil prices fall and dollar strengthens
The rupee weakened to 94.55 against the U.S. dollar in early trade on Thursday, amid a stronger dollar and lower Brent crude prices, while Indian equity indices rose.
The Indian rupee opened at 94.36 per U.S. dollar in the interbank market on Thursday, November 5, 2026, and later fell to 94.55, a decline of 9 paise from the previous close. The move was attributed to the broad strength of the dollar overseas, although a resilient domestic market and easing crude oil prices helped limit the drop.
On Wednesday, the rupee had closed at 94.46, 29 paise stronger than the prior session. The dollar index, which measures the greenback against six major currencies, was at 101.22, down 0.34%.
"Forward-looking markets are aggressively erasing the geopolitical risk premium built up from the US-Israel conflict with Iran, as a Democratic-controlled Congress is expected to severely constrain funding for military escalation and push for near-term diplomatic negotiations," said Anil Kumar Bhansali, head of treasury and executive director at Finrex Treasury Advisors LLP.
Brent crude futures fell 1.04% to $93.64 per barrel, after breaking below the $100 level. Bhansali added that the sharp decline in Brent was linked to the recent Democratic victory in the U.S. midterm elections.
Indian equity markets rose sharply, with the Sensex gaining 1,403.71 points to 78,689.87 and the Nifty climbing 378.85 points to 24,340.40 in early trade. Foreign Institutional Investors were net buyers on Wednesday, purchasing equities worth ₹7,284.03 crore, according to exchange data.