Rupee Surges as Trump Delays Iran Strikes
The Indian rupee surged 31 paise to 95.12 against the US dollar in early trade on Monday, benefiting from a steep fall in global crude oil prices and a softer greenback.
The move followed US President Donald Trump's decision to hold off strikes against Iran at the urging of Gulf allies Qatar, Saudi Arabia, and the United Arab Emirates.
Anil Kumar Bhansali, Head of Treasury and Executive Director, Finrex Treasury Advisors LLP, attributed the rupee's strength to lower Brent crude oil prices, a weaker dollar, and sustained foreign portfolio inflows.
Brent crude futures fell 5 per cent to USD 83.66 per barrel on Monday, while the dollar index was trading 0.17 per cent lower at 99.74.