Rupee extends gains for third day, settles at 94.75 against the dollar

The rupee appreciated for the third consecutive session, supported by foreign fund inflows into domestic equities, but a rebound in crude oil prices and geopolitical tensions capped gains

The Indian rupee appreciated for the third straight day on the back of foreign fund inflows into the domestic equity market, dealers said.

 

The rupee, which opened at 94.68 against the US dollar, compared with the previous close of 94.90, strengthened to 94.61 during the day before giving up some gains to settle at 94.75. 

 

During the day, the rebound in crude oil prices due to the attack by the US on Iran renewed West Asia tensions, limiting further appreciation of the rupee. The market also remained cautious ahead of the US mid-term election results.

 

Brent Crude oil prices rallied to reach $106.07 per barrel, reversing course after Monday’s sharp decline of 7.63 per cent to $104.77 a barrel.

 

 

“Indian rupee extended its gains for the third straight session, supported by foreign fund inflows into domestic equities amid expectations of a potential tax cut,” said Dilip Parmar-senior research analyst, HDFC Securities. 

 

“However, a rebound in crude oil prices after Monday’s decline tempered the currency’s upward momentum. The dollar traded mixed against Asian peers ahead of the US mid-term elections. In the near term, spot USD/INR is expected to oscillate within a 95.4-94.3 range,” he added.  

 

The Indian unit has gained 1.14 per cent so far this quarter on the back of regulatory measures aimed at curbing speculation. In 2026 so far, the rupee has depreciated 5.14 per cent.