Rupee slides to 94.97 per dollar as dollar stays strong and oil eases

Rupee fell 21 paise to 94.97 per U.S. dollar in early trade on Monday, November 2, 2026, as the dollar kept its broad overseas strength. The currency opened at 94.90 before slipping to 94.97, marking a 21‑paise drop from the previous close. On Friday, October 30, it had closed at 94.76. Traders pointed to a buoyant domestic market and softer crude oil prices as factors that limited further losses. Anindya Banerjee, head of commodity and currency research at Kotak NEO, said the pair is likely to stay between 94.40 and 95.60 after ending October near 94.95, adding that RBI measures and about $720 billion in reserves have helped curb volatility. He noted that lower oil prices support the rupee, while any rebound in crude could push the rate toward the higher end of the range. The dollar index rose to 101.94, up 0.07 points, and Brent crude fell 3.07% to $109.95 a barrel. RBI data released on Friday showed India’s forex reserves slipped by $1.269 billion to $719.748 billion for the week ended Oct 30, after a $5.011 billion decline to $721.016 billion in the prior week. Foreign Institutional Investors were net buyers of Indian equities, buying ₹3,598.54 crore on Oct 30. Meanwhile, the Sensex jumped 764.72 points to 75,216.80 and the Nifty rose 201.40 points to 23,255.90.

Context

The rupee’s movement reflects the dollar’s global strength and changes in oil prices, while RBI’s large foreign‑exchange reserves act as a buffer against sharp swings.