The Indian rupee extended its advance against the US dollar for a third session on Tuesday, with USD/INR down 0.15% to about 94.83. The move came as oil markets remained under selling pressure, linked to improved expectations of a US–Iran diplomatic resolution. In India, the MCX crude oil contract expiring 19 November rose 1.65% to roughly Rs 9,222, yet it is still almost 7.5% below its recent multi-month high of Rs 9,972. Lower oil prices typically support import-dependent currencies by easing external funding pressures.
US Political Developments And Market Impact
Market attention also turned to US midterm elections on Tuesday, where Democrats were widely expected to win the House of Representatives while the Senate race remained tighter; Democrats need a net gain of four seats, with Republicans defending six of the seven toss-up seats. Betting markets were cited as putting the odds of a Democratic sweep around 70%. On charts, USD/INR remained below the 20-day EMA at 95.21, while the 14-day RSI stood at 38.9; resistance was flagged at 95.21 and support near the 25 June low of 94.15.
