Crypto
Rupee Rally Gives Indian Crypto Buyers a Price Advantage
The Indian rupee has been on a six-day winning streak, reaching ₹95.35 against the US dollar on Friday. This surge is attributed to sustained RBI dollar selling and a shift in foreign portfolio investor behavior.
FPIs have bought ₹7,360 crore worth of Indian equities over the past three days, reversing their earlier heavy selling trend.
The rupee's strength may be short-lived as US-Iran tensions could push oil prices higher, capping any potential upside for the rupee.
A stronger rupee has a hidden advantage for Indian crypto buyers: cheaper conversions from dollars to rupees. When the rupee strengthens, buying $1,000 of USDT costs roughly ₹650 less than a week earlier.