Rupee climbs to near one-month peak on lower crude oil prices

Mumbai: The Indian rupee surged to a near one-month high on Monday as crude oil prices fell by up to 7 per cent to below the $80-a-barrel mark amid hopes of a deal to end the Iran conflict, while strong foreign inflows further supported the currency.

The domestic currency strengthened nearly 0.3 per cent to 95.13 against the US dollar, its highest level since July. It had settled at 95.38 against the US dollar in the previous session and had gained more than 1 per cent last week. According to market experts, the rupee strengthened to around 95.1 per dollar as lower crude prices improved India's inflation and import outlook.

They noted that the RBI's near-daily dollar sales helped ease concerns of the currency weakening beyond the 97-per-dollar level. The rupee's gains came as oil prices declined sharply after US President Donald Trump refrained from launching a fresh attack on Iran and instead sought a quick deal aimed at halting Tehran's nuclear ambitions and reopening the Strait of Hormuz.

Brent crude -- the international oil benchmark -- fell around 5 per cent to $83.5 per barrel.

Similarly, US West Texas Intermediate (WTI) crude declined about 7 per cent to remain below $79 per barrel. (IANS)

Also Read: Medical Insurance Policy for Family in 2026: Guide to Coverage & How it Works