Business · Markets · 17 hrs ago
Rupee ends winning run as state-run banks buy dollars
The Indian rupee closed slightly weaker at about 93.93 per US dollar on Monday, after reaching a six-month high earlier in the day.
The move ended a recent winning run, which the accounts describe as lasting five or six sessions.
Dollar buying by state-run banks outweighed the rupee's recent gains in a market with thin trading.
Lower oil prices and foreign investors returning to Indian equities had supported the currency, while traders said the banks may have been buying dollars for the Reserve Bank of India.
The rupee's recent rise reflects support from cheaper oil and foreign investment, but the central bank's future dollar commitments and India's need to fund its current account may limit further gains.
India's foreign exchange market will be closed on Tuesday for a local holiday.
Investors are watching US inflation data due Tuesday evening for clues about the dollar and the rupee's next direction.
The rupee closed slightly weaker against the US dollar on Monday, ending a recent winning streak.
It closed at 93.93 per dollar, compared with Friday’s close of 93.91 in one report.
State-run banks’ dollar purchases and thin trading volumes contributed to the decline.
Lower crude oil prices and returning foreign investment supported the rupee.
Traders were watching US inflation data due on Tuesday for further direction.
- Who
- The Indian rupee and state-run banks buying dollars.
- What
- The rupee ended slightly weaker at 93.93 per US dollar.
- When
- Monday, November 9, 2026.
- Where
- India’s foreign exchange market.
- Why
- Dollar purchases by state-run banks outweighed positive momentum amid thin trading. Lower crude prices and foreign investment provided support.
Rupee appreciation outlook
RBI rebuilding reserves and limiting appreciation
Currency outlook
Rupee appreciation outlook
Lower crude prices, returning foreign investment and hopes of de-escalation in West Asia could support further rupee appreciation, according to analysts cited by Hindu BusinessLine.
RBI rebuilding reserves and limiting appreciation
The RBI may use improved inflows to rebuild foreign exchange buffers rather than allow sharp appreciation, and its forward-market position and India’s funding needs could limit gains, according to Emkay Global’s Madhavi Arora.
The rupee’s previous close was 93.91 per dollar, according to Hindu BusinessLine.
The rupee reached an intraday high of 93.69 per dollar and closed at 93.93, ending its winning streak.
Indian foreign exchange markets were due to close for a local holiday, while US inflation data was scheduled for release.
- Monday closing rate
- 93.93 rupees per US dollar
- Previous close
- 93.91 per dollar, according to Hindu BusinessLine
- Intraday range
- 93.69 to 94.11, according to Hindu BusinessLine
- Trading conditions
- Thin volumes; state-run banks bought dollars
- Tuesday
- Indian foreign exchange markets closed for a local holiday
2 sources
What people are saying
The overall outlook for the rupee remains positive, supported by lower crude prices, improving foreign flows and hopes of de-escalation in West Asia.
The US dollar has strengthened following a stronger-than-expected October jobs report.