Rupee Surges 31 Paise as Oil Prices Plunge and Dollar Weakens

The Indian rupee surged on Monday, rising 31 paise to 95.12 against the US dollar in early trade, as global crude oil prices plummeted and the greenback weakened.

The move was attributed to a combination of factors, including a steep fall in Brent crude oil prices, which fell to USD 83.66 per barrel, and a softer dollar following US President Donald Trump's decision 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 and sustained foreign portfolio inflows. 'The rupee was supported by lower Brent crude oil prices, a weaker dollar, and sustained foreign portfolio inflows, and continued RBI presence in the foreign exchange market on Friday,' Bhansali said.