Rupee Jumps 75 Paise To 86.03 Vs US Dollar, Oil Price Crash & Ceasefire Boost Sentiment
The rupee surged 75 paise to close at 86.03 against the US dollar after global crude prices crashed and Middle East tensions eased. A weak dollar and strong domestic markets also supported the Indian currency’s recovery from a record low.
The rupee surged 75 paise to close at 86.03 against the US dollar after global crude prices crashed. |
Mumbai: The Indian rupee gained 75 paise and closed at ₹86.03 per US dollar on Tuesday. This was a sharp recovery after it had fallen to a five-month low of ₹86.78 on Monday.
Crude Oil Prices Crash
The main reason for the rupee’s rise was a big drop in global crude oil prices. Brent crude fell by 3.19 percent to USD 69.20 per barrel. This happened after US President Donald Trump announced a ceasefire between Iran and Israel.
Dollar Weakens, Helping Rupee
The US dollar also weakened, with the dollar index dropping 0.48 percent to 97.94. A softer dollar usually helps other currencies like the rupee gain strength.
Stock Markets Also Rise
India’s stock markets were also positive:
- Sensex rose by 158 points to close at 82,055.11
- Nifty climbed 72 points to 25,044.35
These gains added to the rupee’s strength.
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What’s Next?
Analysts say traders will now watch:
- US consumer confidence data
- Testimony from US Federal Reserve Chair Jerome Powell
Experts expect the rupee to move between Rs 85.60 and Rs 86.40 shortly.
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