Rupee Posts Best Gain in a Month on US-Iran Peace Hopes
The rupee rose 0.7% to 94.61 per dollar on hopes of a US-Iran peace deal. Falling oil prices and a relief rally supported the currency's best day in a month.
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India's rupee rose 0.7% to 94.61 per dollar on Wednesday as geopolitical tensions eased between Washington and Tehran. The currency recorded its sharpest single-day gain since April 2, when regulatory measures by the central bank drove a rebound from record low levels. Falling energy costs and a cooling dollar provide immediate relief to oil-importing emerging markets.
