The Indian rupee depreciated by 21 paise to settle at 94.25 against the US dollar on Friday, November 13, 2026, while benchmark government bond yields rose sharply as surging global crude oil prices and a firm greenback weighed on domestic financial markets.
After opening nearly flat at 94.05 compared with Thursday’s close of 94.04, the domestic currency slipped to an intraday low of 94.29 amid sustained dollar demand from oil importers and state-run banks, though foreign portfolio investor (FPI) inflows into Indian equities helped cushion steeper losses.
Crude Oil Spike & Dollar Strength Pressure Currency
Global energy supply anxieties drove Brent crude higher, compounding pressure on emerging market currencies:
-
- Brent Crude Above $95: Brent crude oil surged to roughly $95.87 per barrel—up from $92.31 on Thursday—following fresh attacks on Saudi Aramco infrastructure and ongoing shipping disruptions in the Strait of Hormuz.
- Firm US Dollar & Near-Term Outlook: The US dollar index held steady near 103.19, close to a 19-month high. Currency dealers expect the rupee to trade within a 93.75–94.75 range on Monday as traders await US Producer Price Index (PPI) inflation data.
- Government Bond Yields Harden: In the fixed-income market, the benchmark 10-year government security yield rose 6 basis points to 7.31%, while the 5-year yield climbed 3 basis points to 6.98%. Dealers noted that the 10-year yield has hardened by 65 basis points since the outbreak of the Iran conflict and could test 7.40% if oil prices remain elevated.
”With crude prices remaining elevated and the dollar index holding firm, the rupee is likely to remain under pressure. We expect the currency to trade in the range of 93.75–94.75 per dollar on Monday as the market awaits US producer price index data.”
— Foreign Exchange Market Dealer, Mumbai
India’s Forex Reserves Rebound to $719.55 Billion
Separately, weekly statistical data released by the Reserve Bank of India (RBI) on Friday showed that India’s foreign exchange reserves rose by $2.49 billion to $719.547 billion for the week ended November 6, 2026, snapping an eight-week streak of declines:
|
Forex Reserve Component |
Level (As of Nov 6, 2026) |
Weekly Change |
|---|---|---|
|
Total Foreign Exchange Reserves |
$719.547 billion |
+$2.49 billion |
|
Foreign Currency Assets (FCA) |
$591.35 billion |
-$232 million |
|
Gold Reserves |
$104.80 billion |
+$2.21 billion |
|
Special Drawing Rights (SDRs) |
$18.61 billion |
-$52 million |
|
Reserve Position with IMF |
$4.79 billion |
-$1 million |
