Rupee Hits Six-Day High as Crude Falls and Iran Tensions Ease

The Indian Rupee strengthened against the US dollar for the sixth consecutive day, closing at 95.31 on Monday.

The appreciation was driven by a sharp drop in global crude oil prices and easing of tensions between the US and Iran.

US President Donald Trump's decision to hold off strikes against Iran boosted risk sentiments globally, leading to increased Foreign Institutional Investor inflows into Indian markets.

Anuj Choudhary, Research Analyst at Mirae Asset ShareKhan, expects the rupee to trade with a slight positive bias due to rising global risk appetite, but warned that any renewed geopolitical tensions may cap sharp upside for the currency.