Rupee gains for third day on oil slump and RBI support
The rupee rose to 95.23 per dollar as oil prices fell and the central bank intervened. Brent crude dropped 5% while the RBI signaled support for the currency.
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India's rupee rose over 1.5% since Wednesday, closing at 95.23 per dollar on Monday afternoon, marking its third consecutive session of gains. This rally follows central bank interventions and a 5% drop in Brent Crude Oil prices. Optimism over a potential breakthrough in negotiations between Washington and Tehran bolstered the rupee's strength, as lower energy costs improve India's trade balance and investor sentiment toward emerging market assets.
