Indian rupee opens at ₹95.76 after best 6 week session
Business
The Indian rupee had its best session in six weeks on Monday, and continued its strength on Tuesday, opening at 95.76 per US dollar, up 15 paise from the previous close.
This jump is thanks to falling global oil prices and the Reserve Bank of India (RBI) likely selling dollars to keep the rupee steady, even as demand for dollars from importers stays high.
Oil drops India expects nearly $32B
Global crude prices dropped after a U.S.-Iran ceasefire, which helped calm markets.
Plus, India is expecting a big nearly $32 billion inflow from nonresident deposits.
All this, along with the RBI's ongoing support, is keeping pressure off the rupee for now, but traders are watching closely to see if these trends hold up in the coming days.