The Indian rupee opened 13 paise higher at 88.52 per US dollar on November 6, tracking overnight gains in major Asian currencies and supported by the Reserve Bank of India’s (RBI) active intervention in the currency market. The rupee had previously closed at 88.65 in the last trading session.
Analysts say the RBI continues to play a crucial role in preventing the rupee from hitting fresh record lows. “The currency pair looks largely steady with RBI being the only factor who has stepped in to avert rupee depreciation from the past all-time lows,” said Anil Kumar Bhansali, Head of Treasury at Finrex Treasury Advisors LLP.
On November 4, the central bank intervened in the Non-Deliverable Forward (NDF) market to curb volatility, helping the rupee regain some ground.
Across Asia, several currencies saw gains against the dollar, further supporting sentiment. As per Bloomberg data, the Thai baht rose 0.23%, the Malaysian ringgit gained 0.17%, the Japanese yen strengthened 0.14%, and the Singapore dollar increased by 0.11%.
However, experts warn that the rupee is still vulnerable. Persistent foreign fund outflows, rising dollar demand from oil importers, and global economic uncertainty could push the currency toward new lows in November.
Bhansali expects the rupee to trade within the 88.40–88.90 range in the near term, depending on further RBI action. He advised exporters to book one-month forward trades while importers should buy on dips and hedge only during deeper corrections.
The market now awaits cues from US economic data, global crude oil trends, and further RBI interventions as currency volatility remains a key concern for traders and businesses.