Rupee Surges as Trump Calls Off Iran Strikes

The Indian Rupee surged 31 paise to 95.12 against the US Dollar in early trade on Monday, driven by falling crude oil prices and a softer greenback.

US President Donald Trump's decision to hold off strikes against Iran contributed to the decline in global crude oil prices, with Brent futures trading 5% lower at USD 83.66 per barrel.

Foreign Institutional Investors (FIIs) purchased equities worth Rs 277.48 crore on a net basis on Friday, while the country's forex reserves jumped USD 6.118 billion to USD 682.354 billion during the week ended July 24.

The RBI data showed that the central government's fiscal deficit stood at 18.2% of the full-year target at the end of June, according to data released by the Controller General of Accounts (CGA).