Rupee Reaches New High as Oil Prices Dip

The Indian rupee rose to a new high against the US dollar on Monday, gaining 31 paise to reach 95.12.

This upswing marks the fifth consecutive session of gains for the local currency, which is being supported by falling crude oil prices and consistent foreign fund inflows.

Brent crude dropped 5% to $83.66 per barrel, a move largely linked to easing geopolitical tensions in the Middle East.

The lower oil price is beneficial for the Indian economy as it reduces the country's import bill and pressure on the current account.