Rupee opens 39 paise higher at 95.37 against US dollar
Business
The rupee made a solid comeback on Friday, rising by 39 paise to open at 95.37 against the US dollar.
This boost came as global oil prices fell to a two-month low and hopes grew for a U.S.-Iran deal that could bring more oil into the market: good news for India, since cheaper oil helps keep costs down.
Analysts warn rupee tied to crude
Even with this positive momentum, analysts are urging caution. They point out that talk of a U.S.-Iran deal has fizzled before, and Iran says nothing's final yet.
The rupee is still closely tied to what happens with crude prices, so any spike in energy costs could quickly put pressure back on the currency.