Rupee rebounds to 94.30 per dollar after Sanjay Malhotra remarks
The Indian rupee made a solid comeback on Thursday, opening at 94.30 to the US dollar after nearly touching the 95 mark yesterday.
This jump is thanks to global oil prices dropping sharply and some timely moves from the Reserve Bank of India.
RBI Governor Sanjay Malhotra's recent comments helped calm the market, making traders feel more optimistic.
Brent crude at $72.28 per barrel
Brent crude fell over 6% to $72.28 per barrel as tanker traffic resumed through the Strait of Hormuz after a U.S.-Israel-Iran deal.
Lower oil prices are good news for India since it imports most of its oil, giving the rupee a much-needed boost.
Asian currencies struggle amid dollar strength
While the rupee is riding high, other Asian currencies are struggling because demand for US dollars remains strong amid talk of longer Fed rate hikes and steady US growth.
For India, though, a stronger rupee means cheaper imports and less inflation, definitely something to smile about.