Indian rupee at 93.70 amid over $4bn inflows, oil slump
Business
The Indian rupee just hit its strongest level in seven months, climbing to 93.70 against the US dollar.
This jump is thanks to over $4 billion flowing into Indian stocks and a big drop, almost 20%, in global oil prices.
Investors seem pretty upbeat about where the rupee is headed.
Oil and inflows shape Indian rupee
Everyone's watching oil prices and what foreign investors do next, since both can quickly shift the rupee's path.
There's still some market drama, especially after tech stocks took a hit in the US and Asia, but for now, strong capital inflows and cheaper oil are giving the rupee a solid boost.
Things look good unless there's a sudden shakeup in global markets.