Commodities
Rupee Rises Amid Declining Crude Oil Prices
The Indian rupee has reached its highest level in nearly a month after crude oil prices declined sharply. The domestic currency strengthened by almost 0.3% to 95.13 against the US dollar, its strongest point since July.
The decline in oil prices was triggered by US President Donald Trump's decision not to launch a fresh attack on Iran. Instead, he sought a quick deal aimed at halting Tehran's nuclear ambitions and reopening the Strait of Hormuz.
The Brent crude price fell around 5% to $83.5 per barrel, while US West Texas Intermediate (WTI) crude declined by about 7% to remain below $79 per barrel.