Rupee Streaks Three Sessions High Against Dollar Amid Ongoing US-Iran Tensions

The Indian rupee strengthened for the third consecutive day on July 28, settling at 95.88 against the U.S. dollar. The rupee's upward trend was supported by lower crude oil prices and easing tensions in West Asia.

Anuj Choudhary, Research Analyst at Mirae Asset ShareKhan, attributed the rupee's strength to the halting of strikes between the U.S. and Iran. He also noted that traders may take cues from CB consumer confidence data from the U.S., with the USD-INR spot price expected to trade in a range of 95.35 to 96.05.

The dollar index, which gauges the greenback's strength against six currencies, was trading 0.08% higher at 101.46. Brent crude, the global oil benchmark, fell by 2.63% to $86.04 per barrel in futures trade.