Rupee Surges as Trump Holds Off Iran Strikes, Crude Oil Prices Plunge

The Indian rupee has strengthened by 31 paise to 95.12 against the US dollar in early trade on Monday, according to foreign exchange traders.

This rise is attributed to several factors, including a steep fall in global crude oil prices and a softer greenback following US President Donald Trump's decision to hold off strikes against Iran.

Anil Kumar Bhansali, Head of Treasury and Executive Director at Finrex Treasury Advisors LLP, noted that the rupee was supported by lower Brent crude oil prices, a weaker dollar, and sustained foreign portfolio inflows, as well as continued RBI presence in the foreign exchange market.

The dollar index is currently trading 0.17% lower at 99.74, while Brent crude futures are down 5% to $83.66 per barrel.