Rupee Surges Against Dollar as Oil Prices Plunge

The Indian rupee strengthened against the US dollar on Monday, August 3, rising to 95.12 due to lower global crude oil prices and a weaker greenback.

The sharp decline in Brent crude futures to $83.66 per barrel after US President Donald Trump's decision to hold off strikes against Iran contributed to the rupee's gain.

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

The dollar index fell 0.17% to 99.74, while Nifty climbed 150 points to 24,532.95 in early trade.