Rupee Soars as Crude Oil Prices Plummet, Global Tensions Ease

The Indian rupee surged to 95.12 against the US dollar on Monday in early trade, marking its fifth consecutive day of gains.

The appreciation was largely due to a steep fall in global crude oil prices and a softer greenback after US President Donald Trump decided to hold off strikes against Iran.

Anil Kumar Bhansali, Head of Treasury and Executive Director at Finrex Treasury Advisors LLP, attributed the rupee's strength to lower Brent crude oil prices, a weaker dollar, and sustained foreign portfolio inflows.

The country's forex reserves jumped $6.118 billion to $682.354 billion during the week ended July 24, according to RBI data released on Friday.