Rupee Gains as Crude Oil Prices Plummet Amid Iran Conflict Hopes

The Indian rupee has reached a near one-month high due to lower crude oil prices. On Monday, August 3, the domestic currency rose by nearly 0.3% to 95.13 against the US dollar. This is its highest level since July, after settling at 95.38 in the previous session.

The decline in crude oil prices improved India's inflation and import outlook. Brent crude fell around 5% to $83.5 per barrel, while US West Texas Intermediate (WTI) crude declined about 7% to remain below $79 per barrel.

Foreign investors were net buyers of Indian equities in July, marking their first monthly purchase since February. The total inflows attracted by measures announced by the authorities last month have reached $41 billion, driven largely by non-resident deposits.