Rupee strengthens nearly 50 paise to 94.96 per US dollar
Business
The rupee just had its best day in nearly a month, strengthening by nearly 50 paise to close at 94.96 per US dollar on Tuesday.
This comeback was powered by Saudi Arabia slashing oil prices for Asia and smoother oil shipments through the Strait of Hormuz as tensions eased.
After three days of losses, the rupee finally caught a break.
Brent crude falls to $72.88
Cheaper crude oil was a big win: Brent dropped to $72.88 a barrel, nearly $50 below recent highs, which means lower import costs for India.
Plus, more foreign investors put money into Indian stocks, adding to the positive vibe.
The US dollar also slipped slightly worldwide, giving the rupee an extra boost, a good sign for India's economy and anyone keeping an eye on inflation or trade.