Now Reading: Rupee surges 31 paise to 95.12 on oil price fall
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Rupee surges 31 paise to 95.12 on oil price fall
The rupee jumped 31 paise to 95.12 against the US dollar in early trade on Monday, extending gains for a sixth session. A steep fall in global crude oil prices, a weaker…
The Story in Brief
The rupee jumped 31 paise to 95.12 against the US dollar in early trade on Monday, extending gains for a sixth session. A steep fall in global crude oil prices, a weaker dollar, and sustained foreign portfolio inflows supported the currency. Brent crude dropped 5% to $83.66 a barrel after US President Donald Trump delayed strikes against Iran. The dollar index slipped 0.17% to 99.74. India's forex reserves rose $6.12 billion to $682.35 billion for the week ended July 24, RBI data showed. The Sensex climbed 470 points in early trade.
The Indian Opinion
The rupee's sharp rally is being hailed as a sign of strength, but the real driver is external, a temporary oil slump and Trump holding fire on Iran. This masks domestic vulnerabilities: exports become costlier, and the gains could vanish if Brent rebounds. Watch whether the rupee can hold below 95 once oil recovers or if the US and Iran return to the brink.
Source: thehindu.com
This story was synthesised by AI from the source linked above.
