The Indian rupee extended its winning streak to a fifth consecutive session on Thursday, opening at 94.35 against the US dollar — a gain of 29 paise over Wednesday’s close of 94.64. Falling crude oil prices, a softer dollar index, and renewed foreign investor interest have combined to lift the currency.
Brent crude fell sharply, dropping 8.7 per cent in the previous session to below $100 a barrel, and was trading around $93.50 on Thursday, down another 1 per cent. As one of the world’s largest crude oil importers, India stands to benefit significantly from lower energy prices, reducing pressure on the current account.
The outcome of the US midterm elections has emerged as a key catalyst. The Democratic Party’s decisive victory has raised market expectations that President Donald Trump may face pressure to pursue a negotiated resolution to the US-Iran conflict, further tempering oil price expectations.
Indian equity markets mirrored the currency’s strength. The Nifty 50 rose 1.66 per cent to 24,357.3 and the Sensex gained 1.83 per cent to 78,719.72 as of 9:18 am IST, with indices opening near three-month highs.
According to Ponmudi R, CEO of Enrich Money, the USD/INR pair was trading around 94.49, with immediate support at 94.00–94.10 and resistance at 94.90–95.00. The dollar index hovered near a one-month low of around 101.5, keeping near-term bias for the pair cautiously bearish.
Published on November 5, 2026
