The Indian rupee gained 29 paise to 94.35 against the dollar on November 5. The currency rose for the fifth day as global oil prices fell. This rally followed US midterm election results that eased market uncertainty. Many other Asian currencies also got stronger as the dollar index fell to 101.41.
The Indian rupee extended its winning streak on fifth consecutive day on November 5, after oil prices tumbled on bets that the Republican Party's losses in the US midterm elections could push President Donald Trump towards an exit from the Iran war. The rupee opened higher by 29 paise at 94.35 per dollar, compared with Wednesday's close of 94.64. According to Finrex, Asian currencies traded mostly higher against the US dollar, with the Philippine peso emerging as the top gainer, rising 0.36 percent, followed by the Thai baht, which strengthened 0.42 percent. The Japanese yen and Malaysian ringgit appreciated 0.29 percent each, while the South Korean won and Singapore dollar gained 0.18 percent and 0.08 percent, respectively.
On the other hand, the Taiwan dollar weakened 0.21 percent, while the Chinese renminbi and Indonesian rupiah declined 0.07 percent and 0.04 percent, respectively, against the US dollar. The dollar edged lower on Thursday in the aftermath of an overwhelming victory by Democrats in US midterm elections that cleared a major source of uncertainty and fuelled a rally in global equities. The dollar index, which measures the greenback against a basket of currencies, fell 0.06% to 101.41, after a 0.36% decline in the prior session. The euro was up 0.12% at $1.1241.