Rupee Rises 28 Paise as Crude Oil Prices Plummet

The Indian rupee had a strong start to the week, appreciating by 28 paise against the US dollar. The currency began trading at 96.25 against the greenback on Monday, buoyed by a significant drop in global crude oil prices.

Brent crude plummeted by nearly 4.17% to $92 per barrel, reducing pressure on India's import bill and boosting market confidence. This decline had a positive impact on the rupee, which closed at 96.53 against the dollar on Friday.

Market experts attribute the rupee's rise primarily to the decrease in crude oil prices. Since India relies heavily on imports, lower oil costs translate to reduced demand for US dollars, thereby supporting the rupee.