Rupee Surges 39 Paise vs USD Ahead of RBI Policy Decision

The Indian Rupee surged to its highest level in recent times, gaining 39 paise to 94.89 against the US Dollar on Wednesday.

This upward trend was driven by falling crude oil prices following progress in US-Iran talks and a pause in planned strikes.

Forex traders are closely awaiting the upcoming RBI monetary policy decision for further cues.

Amit Pabari, MD of CR Forex Advisors, noted that optimism around the Hormuz talks could help the Rupee test its support zone of 94.80-95.00.

Pabari also predicted that if the Hormuz deal actually goes through, the Rupee could see a sharper move of 30 to 40 paise on the stronger side.