Indian rupee opens at 94.42 per $1 after crude plunge
Business
The Indian rupee just opened at 94.42 against the US dollar, its strongest level since early May and up 18 paise from yesterday.
The main reason? Global crude oil prices have plunged, making imports cheaper and giving the rupee a boost.
But with other Asian currencies struggling ahead of a big US Fed policy announcement, analysts say the rupee's rally could slow down soon.
Rupee gains 1.2% in 6 days
Brent crude has fallen over 5% recently, dipping below $80 per barrel, a nearly 15% drop in just four sessions.
Thanks to these lower energy costs, the rupee has gained about 1.2% in six days.
Still, weakening in Asian currencies ahead of the US Fed decision may cap the advance.