Rupee Rises on Crude Price Slump, Weak Dollar

The Indian rupee rose to its highest value in early trade on Monday, reaching 95.12 against the US dollar after a steep decline in global crude oil prices and a weaker greenback.

According to foreign exchange traders, the local currency was supported by Foreign Institutional Investors (FII) inflows, an increase in the country's forex reserves, and Reserve Bank of India (RBI) support.

The rupee opened at 95.15 against the US dollar before rising further to 95.12, a gain of 31 paise from its previous close.

Analyst Anil Kumar Bhansali noted that lower Brent crude oil prices and a weaker dollar contributed to the rupee's rise.