The rupee gained 7 paise to close at 93.70 (provisional) against the U.S. dollar on Wednesday (November 11, 2026), driven by domestic market strength and foreign capital inflows, alongside potential support from declining global crude oil prices.

Forex traders said the Indian rupee gained as domestic markets rose to an eight-month high amid FPI inflows and easing crude oil prices. However, a strong dollar and a surge in U.S. Treasury yields capped sharp gains.

The dollar strengthened on hotter-than-expected CPI inflation in the U.S., raising odds of a rate hike by the Fed in December.

At the interbank foreign exchange market, the rupee opened at 93.71 against the U.S. dollar. During intra-day trade, the rupee witnessed a high of 93.63 and a low of 93.88 against the American currency. The local unit settled at 93.70 (provisional), higher by 7 paise from its previous close.

On Tuesday (November 10, 2026), domestic equity, currency, and debt markets were closed on account of ‘Diwali Balipratipada’. On Monday (November 9, 2026), the rupee appreciated 21 paise to 93.77 against the U.S. dollar.

“We expect the rupee to trade with a positive bias on strength in domestic markets and foreign inflows. Falling global crude oil prices may also support the rupee.

However, strength in the greenback and surge in U.S. Treasury yields amid better-than-expected inflation and jobs data may cap sharp upside in the rupee,” said Anuj Choudhary, Research Analyst, Mirae Asset Sharekhan.

U.S. banks will remain closed on Wednesday (November 11, 2026) for the Veterans Day holiday. USD-INR spot price is expected to trade in a range of 93.40 to 93.95, Mr. Choudhary added.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was at 102.50, higher by 0.27%.

Brent crude, the global oil benchmark, was trading 1.01% higher at $92.41 per barrel in futures trade.

Foreign institutional investors (FIIs) purchased equities worth ₹7,212.22 crore on Monday (November 9, 2026), according to exchange data.

Driven by the AI-led sell-off in global markets, strong domestic earnings growth, and attractive large-cap valuations, foreign investors turned net buyers of Indian equities in November, infusing ₹53,739 crore in the first nine days after two consecutive months of outflows.

The latest investment follows net outflows of ₹34,843 crore in October and ₹35,861 crore in September, according to data available with the depositories.