Rupee Surges Against Dollar as Crude Oil Prices Plummet
The Indian rupee gained 28 paise to trade at 96.25 against the U.S. dollar on Monday, July 27, due to a sharp fall in crude oil prices and positive global sentiment following the easing of tensions in West Asia.
Forex traders pointed out that the American currency index retreated from an elevated level, while domestic equities witnessed a strong buying trend, further supporting the local currency.
The dollar index was trading down 0.26% at 101.04, and Brent crude prices were lower by 4.17% at $92.74 per barrel in futures trade, attributing the decline to the easing of tensions in West Asia as the U.S. and Iran paused strikes against each other.
U.S. President Donald Trump is 'giving talks some space', said Mike Waltz, the U.S. ambassador to the United Nations, adding that there had been engagement at every level between the two countries over the past few weeks.