Rupee Surges to Six-Week High as Oil Prices Dip
The Indian rupee has strengthened to its strongest level in six weeks, reaching 95.76 against the US dollar on July 28, 2026.
This significant gain of approximately 70 paise is attributed to a combination of factors, including declining global crude oil prices and Reserve Bank of India intervention.
The drop in Brent crude oil prices, which was trading near $87 per barrel due to potential diplomatic progress between the US and Iran, has reduced the demand for dollars to pay for imports, thereby supporting the rupee.
Market observers have noted the presence of the Reserve Bank of India in the spot market, where the regulator appeared to be selling dollars, a strategic move to prevent the rupee from crossing the psychological threshold of 97 per dollar.