Rupee Closes at 95.31 as Crude Prices Fall and Trump Cancels Iran Strikes
The Indian rupee continued its upward trend for the sixth consecutive day, closing at 95.31 against the US dollar. The currency gained 12 paise from its previous close of 95.43 on Friday.
The strengthening of the rupee can be attributed to a sharp drop in global crude oil prices and a softer greenback following US President Donald Trump's decision to hold off strikes against Iran.
Anuj Choudhary, Research Analyst at Mirae Asset ShareKhan, said 'The rupee gained as US President Donald Trump cancelled his plan to attack Iran over the weekend. He also said the US and Iran are due to negotiate Monday evening. This boosted global risk sentiments.'
The Sensex rose 544.39 points, or 0.70 per cent, to close at 78,639.03, while the Nifty was up 390.70 points, or 1.60 per cent, to settle at 24,774.30.