Rupee strengthens following Israel-Iran ceasefire, crude price drop
The rupee opened strong at 86.11 against the US dollar on Tuesday—its best in over a month—after news of a possible ceasefire between Israel and Iran.
This turnaround comes just a day after the rupee hit its lowest point in five months.
A stronger rupee means imports could get cheaper
A stronger rupee means imports could get cheaper, which is good for your wallet.
Plus, less global drama usually makes markets calmer and more attractive for investors.
Oil prices have dropped sharply
Oil prices have dropped sharply, cutting India's import costs and helping the rupee recover.
The US dollar also slipped a bit, giving emerging market currencies like ours some breathing room.
Indian stocks rallied too, with NIFTY 50 up by 1.33%, as investors felt more confident thanks to easing geopolitical stress and fresh foreign investment.