Rupee extends winning streak, breaks below 94 against dollar: What's next
The Indian Rupee has strengthened against the US dollar, supported by falling crude oil prices and positive foreign fund inflows. Market analysts suggest that diplomatic progress in the Middle East is helping to stabilize energy costs and currency markets.
Why it matters
Currency fluctuations and oil prices are critical indicators of economic health for emerging markets like India.
NEW DELHI: Rupee extended its gains for a second straight session on Monday, moving below the 94-per-dollar mark. The rally was supported by softer crude oil prices, stronger foreign fund inflows and hopes of easing tensions in the Middle East.The currency rose 24 paise to 93.74 against the US dollar in early trade. It opened at around 93.85 in the interbank forex market before gaining further. Rupee had already made a strong recovery on Friday, rising 43 paise to close at 93.98 against the greenback.Forex traders said rupee could maintain its positive momentum if diplomatic efforts in the Middle East make progress.
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