Just as a real poor game was drawing to a close, man of the match Darren Dods pulled down Scott McDonald and the Irishman Foran tucked away the spot kick.
Traditionally in these fixtures it's the away side who comes out on top. Earlier in the term, the Highlanders scored a 4-1 win in Lanarkshire and indeed the last five meetings between them in the SPL has resulted in the visitors departing with maximum points.
An early chance was created by the Well when Foran drove over the bar after a searing run which was great to watch.
McDonald won his side a free-kick after a trip by Grant Munro on 10 minutes and James Paterson's effort was held by keeper Mark Brown.
Keith Lasley then had a crack from distance but his shot flashed past the right post after a confident opening from the Steelmen.
Caley Thistle's first opportunity came on 21 minutes when Graham Bayne's header forced a decent diving save from Colin Meldrum.
Just before the break, a Darren Dods attempt in a packed penalty box was charged down then Barry Wilson's low shot was saved by Meldrum with his feet.
David Clarkson also went close but his angled drive was deflected wide by Munro.
A really disappointing second half just never found the spark and Ian Black and Foran came closest for their respective sides before the 89th minute penalty clincher.