Rupee Surges as Crude Prices Fall to New Lows
The Indian rupee strengthened on Tuesday, reaching a settlement price of 95.84 per dollar after Brent crude prices fell by another 3% to around $85 a barrel.
Traders pointed out that the Reserve Bank of India (RBI) sold dollars in both onshore and offshore markets, which further supported the currency's gains from Monday.
The rupee had opened at 95.76 and traded between 95.87 and 95.62 per dollar during the session.