Indian rupee rises nearly 1% to 94.47 after RBI actions
The Indian rupee made a solid comeback in October 2026, rising nearly 1% against the US dollar and landing just behind the South Korean won as Asia's top performer.
By November 5, it closed at 94.47 rupees per US dollar, up from its recent low point.
This turnaround comes after the Reserve Bank of India (RBI) stepped in with targeted actions to help steady the currency.
RBI sold $18.2B, tightened currency rules
The RBI set up a special US dollar supply for major public oil companies and tightened rules on currency trading to cool off demand.
It also made its highest monthly US dollar sale so far in calendar year 2026, $18.2 billion, in early October.
On top of that, global trends like cheaper oil prices after the US elections, a weaker US dollar worldwide, and lower US Treasury yields gave extra support to India's recovery after hitting record lows just last month.