Rupee Surges as Crude Prices Fall Amid US-Iran Diplomatic Hopes

The Indian rupee strengthened by 15 paise to close at 95.81 against the US dollar on Monday, supported by lower crude oil prices and improved global risk sentiment.

Forex traders said the rupee firmed up due to weak crude oil prices amid hopes of diplomatic talks between the US and Iran.

The rupee opened at 95.86 against the US dollar but gained ground throughout the day, touching 95.72 against the American currency in intraday trade.

Anuj Choudhary, Research Analyst at Mirae Asset Sharekhan, said that while the rupee is expected to trade with a slight positive bias due to falling crude oil prices, reports of Iran shooting down a US drone may again deteriorate risk sentiment.