Rupee Rallies Against Dollar Amid Global Oil Price Decline

The Indian rupee has shown signs of strengthening against the US dollar in early trade on Monday. This development comes as global crude oil prices have fallen, and the American currency has softened following US President Trump's announcement that negotiations with Iran would take place today.

Apart from these factors, foreign fund inflows and a rise in India's forex reserves are also supporting the rupee's sentiment. According to RBI data, the country's forex reserves jumped $6.118 billion to $682.354 billion during the week ended July 24.

The partially convertible currency is currently trading at 95.18, stronger by 25 paise from its previous close of 95.43 on Friday. The rupee touched a high and low of 95.19 and 95.11 respectively.