Rupee Rises Amid Crude Oil Price Drop and US-Iran Diplomatic Talks

The Indian rupee appreciated 15 paise to close at 95.81 against the US dollar on Monday, driven by weak crude oil prices and improved global risk sentiment.

Falling Brent crude prices were another key factor in the rupee's rise, as it traded lower by 2.08% at $101.71 per barrel.

Expectations of diplomatic talks between the US and Iran also supported the local currency, which settled at 95.81 against the American currency after opening at 95.86.

Anuj Choudhary, Research Analyst at Mirae Asset Sharekhan, expects the rupee to trade with a slight positive bias due to falling crude oil prices, but notes that deteriorating risk sentiments could weigh on the local unit.