Commodities
Rupee Soars as Crude Oil Prices Plummet Below $80 a Barrel
The Indian rupee strengthened nearly 0.3% to 95.13 against the US dollar on Monday, reaching its highest level since July.
This gain is attributed to lower crude oil prices, which fell by up to 7% to below $80 a barrel. The decline in oil prices improved India's inflation and import outlook, according to market experts.
The RBI's near-daily dollar sales also helped ease concerns of the currency weakening beyond the 97-per-dollar level.