U.S.-Iran ceasefire lifts rupee to ₹94.68 against US dollar
Business
The Indian rupee jumped to ₹94.68 against the US dollar, its strongest level in over a month, after a U.S.-Iran ceasefire reopened the vital Strait of Hormuz.
This move calmed global energy worries and gave investors a confidence boost.
Just last session, the rupee was at ₹95.11.
Oil drops over 4% easing rupee
Oil prices dropped over 4% after the ceasefire, making imports cheaper for India and easing pressure on the rupee.
Amit Pabari, Managing Director at CR Forex Advisors, called it "This is arguably the most positive development for USDINR so far this year,".
Plus, new RBI rules to attract foreign money could potentially bring in over $50 billion, giving the currency even more support.