The rupee settled on a flat note at 94.46 (provisional) against the U.S. dollar on Thursday (November 5, 2026), as the support from lower crude oil prices was negated by a firm greenback in overseas markets.

Forex traders said the Indian rupee is showing signs of near-term stabilisation after recovering sharply against the U.S. dollar in previous sessions. A positive trend in domestic equities and softening of crude oil prices, however, cushioned the downside.

At the interbank foreign exchange market, the rupee opened weak at 94.36 and fell further to a low of 94.57 in intraday trade. The unit recouped some losses in the closing session to settle at 94.46 (provisional), unchanged from its previous close.

On Wednesday (November 5, 2026), the rupee stayed firm for the second straight session to settle 29 paise higher at 94.46 against the U.S. dollar.

“The drivers favour the rupee: foreign portfolio inflows can pick up as India stands out from the AI unwind, political uncertainty in the U.S. can weigh on the dollar, and India’s import bill falls with every dollar off crude. The RBI’s calibrated management, with the repo rate at 5.50 per cent and reserves of about USD 720 billion, has kept the currency orderly through the worst of the oil shock and now gives it room to appreciate without disorder,” said Anindya Banerjee, Head of Commodity and Currency Research, Kotak NEO.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading at 101.50, lower by 0.06%.

Brent crude, the global oil benchmark, was trading higher by 1.38% at $95.93 per barrel in futures trade.

On the domestic equity market front, the Sensex jumped 2,008.61 points to end at 79,310.01, while the Nifty surged 576 points to 24,536.60.

Foreign Institutional Investors (FIIs) remained net buyers on Wednesday (November 4, 2026), purchasing equities worth ₹7,284.03 crore, according to exchange data.