Rupee Gains Strength as Oil Prices Dip

The Indian rupee has opened stronger for the third consecutive day, reaching 95.64 per US dollar on Monday, August 24.

This uptrend is attributed to Brent crude's easing, which has hovered around $93 and even dipped below it briefly.

The uncertainty surrounding the conflict between the US and Iran may suppress risk appetite, but the Reserve Bank of India's (RBI) intervention in the market is likely to mitigate pressure on the rupee.

The RBI had accumulated nearly $73 billion through measures implemented in June to bolster India's balance of payments and raise foreign exchange reserves.