Rupee Gains Against Dollar Amid Oil Price Dip and Softer Greenback
The Indian rupee has strengthened against the US dollar in early trade on Monday, August 3, 2026. It rose by 31 paise to 95.12 as global crude oil prices fell sharply and the greenback weakened.
The move comes after US President Donald Trump decided to hold off on ordering strikes against Iran at the urging of Gulf allies Qatar, Saudi Arabia, and the United Arab Emirates. This decision led to a softer dollar and lower Brent crude oil prices.
Anil Kumar Bhansali, Head of Treasury and Executive Director, Finrex Treasury Advisors LLP, said that the rupee was supported by lower Brent crude oil prices, a weaker dollar, and sustained foreign portfolio inflows. He also noted that continued RBI presence in the foreign exchange market further strengthened the local unit.