Rupee rises for 6th day, gains 12 paise to 95.31 against U.S. dollar as crude drops
The Indian rupee strengthened for the sixth consecutive session, closing at 95.31 against the U.S. dollar. This gain was driven by a decline in global crude oil prices and reduced geopolitical tensions following President Trump's decision to avoid military strikes against Iran.
Why it matters
Currency fluctuations impact inflation and import costs for India, making the rupee's stability a key indicator of economic health and investor confidence.
The rupee strengthened against the U.S. currency for the sixth consecutive session on Monday, closing higher by 12 paise at 95.31 (provisional) following a sharp drop in global crude oil prices and a softer greenback after US President Donald Trump decided to hold off strikes against Iran.
FII inflows and gains in domestic stock markets provided further support to the local unit, forex traders said.
At the interbank foreign exchange, the rupee opened at 95.15 against the greenback and traded in a tight range of 95.11-95.34 during the day. It eventually settled at 95.31 (provisional), up 12 paise from its previous close.
The rupee has rebounded by more than 3 per cent in the six trading sessions to Monday, aided by FII inflows and easing of tensions in the West Asia region. The unit had closed higher by 7 paise at 95.43 against the US dollar on Friday.
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