Kumar Bahukhandi
An Indian one-rupee coin rests on a US one-dollar banknote. The rupee gained 24 paise to ₹93.74 against the US dollar in early trade on 9 November 2026. (Illustrative Photo)
Softer crude oil prices and improving foreign investment flows supported the rupee as traders weighed prospects for easing tensions in West Asia.
Mumbai: The rupee strengthened by 24 paise to ₹93.74 against the US dollar in early trade on Monday, 9 November 2026. It opened at around ₹93.85 in the interbank foreign exchange market before gaining further from its previous close of ₹93.98.
Softer Crude Gives the Rupee Some Relief
Currency dealers pointed to Brent crude trading below $100 a barrel as one factor supporting the rupee. Lower oil prices can ease pressure on the currency because Indian importers typically need fewer dollars to pay for the same volume of crude. Dealers also said progress in talks to end the conflict in West Asia could reduce the premium traders pay for oil when they fear supply disruptions.
US President Donald Trump said on Sunday that fresh strikes on Iran were unlikely if negotiations progressed towards a strong agreement. Oil initially fell on Monday after his remarks, then recovered from its early lows as reports of attacks on ships in or near the Strait of Hormuz kept supply risks in focus.
Foreign Buying Supports Sentiment
Foreign institutional investors bought Indian equities worth a net ₹13,749.82 crore on Friday, according to exchange data cited by PTI. That buying helped sentiment as the currency market reopened on Monday. The ₹93.74 exchange rate was an early-session reading.
