Rupee Strengthens Against Dollar Amid Oil Price Drop

The Indian rupee strengthened to 95.14 against the dollar on August 3, boosted by a significant decline in global Brent crude oil prices.

This move provides relief for India's trade balance as lower energy import costs help stabilize the currency.

According to reports, the Reserve Bank of India has been actively intervening by selling dollars to maintain stability and prevent sharp drops in the rupee's value.

The RBI's efforts are complemented by robust capital inflows, with foreign capital investment crossing the $40 billion mark recently through the Foreign Currency Non-Resident Bank (FCNR-B) deposit route.