Rupee Jumps on Crude Oil Price Decline, Easing Geopolitical Tensions

The Indian rupee experienced a significant gain against the US dollar on Monday, closing at 95.92 after depreciating by 61 paise from its previous level. This appreciation was largely driven by a sharp decline in crude oil prices due to the pause in hostilities between the US and Iran in West Asia.

According to forex traders, the rupee also found support from a firm trend in domestic equities and weakness in the US dollar against major currencies. The dollar index, which measures the greenback's strength against six currencies, was trading 0.20% lower at 101.09.

Anuj Choudhary, Research Analyst at Mirae Asset Sharekhan, noted that the rupee strengthened to its highest level in three weeks due to falling crude oil prices and a weaker US dollar. He also mentioned reports of intervention by the RBI, which supported the rupee.