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Indian rupee strengthens against dollar on Wednesday
May-06-2026

Indian rupee strengthened against the U.S. dollar on Wednesday as Brent crude prices retreated from elevated levels towards $100 per barrel after US President Donald Trump hinted at a possible deal with Iran. Some support also came as India’s services sector witnessed robust expansion in the month of April 2026, after activity and new orders strengthened, even as new export orders eased. According to the survey report, the seasonally adjusted HSBC India Services PMI Business Activity Index surged to 58.8 in April from 57.5 in March. Further, the HSBC India Composite PMI Output Index -- which measures both manufacturing and services -- also jumped to 58.2 in April as against 57.0 in March. On the global front, Japanese yen strengthened against other major currencies in the Asian session amid potential large-scale government actions. During the current Golden Week festivities, Japanese Finance Minister Satsuki Katayama issued a warning about ‘decisive measures’ against speculative actions.

Finally, the rupee ended at 94.49 (Provisional), strengthened by 69 paise from its previous close of 95.18 on Tuesday. The currency touched a high and low of 95.18 and 94.38 respectively.

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