Now Reading: Rupee closes at 95.31 against US dollar, up 12 paise
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Rupee closes at 95.31 against US dollar, up 12 paise
The rupee strengthened for the sixth consecutive session on Monday, gaining 12 paise to close at 95.31 against the US dollar. Traders attributed the rise to a sharp drop in global crude…
The Story in Brief
The rupee strengthened for the sixth consecutive session on Monday, gaining 12 paise to close at 95.31 against the US dollar. Traders attributed the rise to a sharp drop in global crude oil prices, a softer greenback after US President Donald Trump called off strikes against Iran, and FII inflows.
The Indian Opinion
The breathless coverage of the rupee's six-day rally risks masking a fundamental truth: its strength depends almost entirely on external factors like crude prices and US diplomacy, not on any structural improvement in India's export competitiveness. Markets cheered Trump's restraint on Iran, but that same unpredictability could reverse these gains overnight. The real test? Whether the rupee can hold above 96 when crude inevitably climbs back above $85 a barrel.
Source: thehindu.com
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