Rupee slides to 94.55 per dollar as dollar strengthens and oil prices dip

Currency Move

The rupee slipped 9 paise to 94.55 per U.S. dollar in early trade on Thursday, November 5, 2026. It opened at 94.36 in the interbank market before the decline. The previous session had seen the rupee firm at 94.46, up 29 paise from the prior close.

Market Factors

Forex traders said a strong domestic market and lower crude prices helped limit the fall. The dollar index was at 101.22, down 0.34%. Brent crude futures dropped 1.04% to $93.64 a barrel, after an overnight plunge of more than 8% that pushed the benchmark below $100.

Expert Comment

"Forward-looking markets are aggressively erasing the geopolitical risk premium built up from the US‑Israel conflict with Iran, as a Democratic‑controlled Congress is expected to severely constrain funding for military escalation and push for near‑term diplomatic negotiations," said Anil Kumar Bhansali, head of treasury and executive director at Finrex Treasury Advisors LLP. He added that the crude sell‑off was triggered by the Democratic victory in the U.S. midterm elections.

Equity Reaction

The Sensex jumped 1,403.71 points to 78,689.87 and the Nifty rose 378.85 points to 24,340.40. Foreign Institutional Investors were net buyers on Wednesday, buying equities worth ₹7,284.03 crore.

Context

A weaker rupee often follows a stronger dollar and falling oil prices, both of which lower foreign exchange inflows and raise import costs.