Rupee gains for fifth day to 94.35 against dollar as crude oil tumbles

The Indian rupee strengthened for a fifth straight session on Thursday, opening 29 paise higher at 94.35 against the US dollar, driven by a sharp drop in crude oil prices and a weaker dollar following Republican losses in the US midterm elections. The currency’s gain tracked a broad rally across Asian currencies, with the Philippine peso and Thai baht leading advances. Brent crude plunged about 8.5% to below $100 a barrel, trading near $94.20, as investors priced in a possible de-escalation of the conflict with Iran. The Democratic victory may push back against Trump’s policies on Iran and tariffs, potentially unwinding geopolitical risk premiums in markets. The dollar index slipped 0.06% to 101.41, while the euro rose 0.12% to $1.1241.