Indian Rupee Rises with Oil Prices Continuing Decline

The Indian Rupee (INR) has extended its winning streak against the US Dollar (USD), trading at around 95.65 for the third day in a row on Tuesday.

This comes as oil prices continue to decline, with the MCX Crude Oil contract expiring on August 19 falling by 1.4% to Rs. 7,848, its lowest level in a week.

The US and Iran have paused their exchange of attacks, leading to a sharp drop in oil prices, but it doesn't mean energy supply is returning to normal with the Strait of Hormuz still closed.