Indian rupee hits two-week high as oil prices retreat
The rupee rose to 95.2775 per dollar as oil prices fell on US-Iran peace hopes. Governor Sanjay Malhotra called the currency undervalued and pledged stability.
India's rupee rose 0.4% to 95.2775 per dollar on Monday morning, extending its rally to a third consecutive trading session as oil prices fell. The currency reached a two-week high after hitting a record low of 96.96 last week. Lower energy costs and potential geopolitical de-escalation reduced hedging costs for importers in the region.
Brent Crude Oil fell more than 5% to $97.8 per barrel on Monday morning. This slump lifted risk sentiment for oil-importing nations including Indonesia and the Philippines. Relief followed reports that the United States and Iran are moving closer to a peace deal.
