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Commodities

Rupee Surges to Nearly One-Month High Amid Lower Oil Prices

Guavy AI Editorial Team
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Oil
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The Indian rupee has strengthened to its highest level in nearly a month, reaching 95.13 against the US dollar on Monday.

This surge comes as crude oil prices fell by up to 7 per cent to below $80-a-barrel mark amid hopes of a deal to end the Iran conflict and strong foreign inflows supporting the currency.

According to market experts, lower crude prices have improved India's inflation and import outlook, with the rupee strengthening to around 95.1 per dollar as a result.

The RBI's near-daily dollar sales have also helped ease concerns of the currency weakening beyond the 97-per-dollar level.

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