Rupee Posts Modest Weekly Gain as US-Iran Hopes Offset Oil Pressures

The Indian rupee posted a modest weekly gain of approximately 0.2% against the US dollar, as hopes for a diplomatic breakthrough between the United States and Iran overshadowed late-week pressures from rising oil prices and geopolitical uncertainties.

The currency traded in a range of 94.92 to 95.40 during the week, supported by persistent intervention from the Reserve Bank of India (RBI) and strong foreign exchange inflows under the central bank's balance of payments strengthening measures.

The rupee surged 31 paise to 95.12 in early trade on Monday following a steep fall in global crude oil prices and a softer greenback after Trump decided to hold off strikes against Iran.