Rupee Surges on Crude Price Drop and Easing US-Iran Tensions
The Indian rupee rose to 96.25 against the U.S. dollar in early trade on Monday, July 27, after a sharp fall in crude oil prices and positive global sentiment following an easing of tensions between the U.S. and Iran.
According to forex traders, the American currency index retreated from its elevated level, while domestic equities experienced a strong buying trend, supporting the local currency further.
The rupee opened at 96.18 but lost some ground to trade at 96.28 against the greenback, logging a gain of 28 paise from its previous closing level on Friday, July 24.
Meanwhile, Brent crude, the global oil benchmark, was trading 4.17% lower at $92.74 per barrel in futures trade, attributed to the easing of tensions in West Asia as the U.S. and Iran paused strikes against each other.