Forex
Rupee Surges as US-Iran Peace Deal Sends Oil Prices Plummeting
The Indian rupee has risen to a five-week high against the US dollar, reaching 94.68 on Monday, June 15. This gain of 43 paise from Friday's close is largely attributed to news of the US-Iran peace deal.
The deal, confirmed by Iran's Deputy Foreign Minister Kazem Gharibabadi, has led to a significant drop in crude oil prices, with Brent crude futures for August delivery falling over 4% to $83.31 per barrel.
As a result of the improved sentiment across Asian markets, India's equity market also surged, with the BSE Sensex rising 1.59% to 76,725.30 and the Nifty 50 climbing 1.53% to 23,984.80 at the open.