Indian rupee gains 46 paise to 95.23 against US dollar
Business
The rupee had a good day on Monday, ending at 95.23 per US dollar, up 46 paise from last time.
This jump came as global crude oil prices dropped below $100 (down to $96), thanks to progress in U.S.-Iran talks that could ease oil trade.
The currency opened higher too, reflecting brighter market vibes.
Sanjay Malhotra stresses RBI non intervention
RBI Governor Sanjay Malhotra said the rupee might actually be undervalued right now, but stressed that the central bank doesn't chase a fixed rate: it just steps in if things get too wild or speculative.
Economist Madan Sabnavis credits both the RBI's calm approach and cheaper oil for helping the rupee gain ground, though he notes it'll take a few days to see if this trend sticks around.