Rupee jumps 28 paise against US dollar as crude price drops to $92 per barrel

Rupee began Monday on a stronger note against the US dollar, supported by a sharp decline in crude oil prices, a weaker dollar overseas and improving global sentiment after the US and Iran indicated a pause in Middle East hostilities.The currency appreciated 28 paise to trade at 96.25 against the greenback. Forex traders said the pullback in the US dollar index and firm buying at Dalal Street also lent support to rupee.At the interbank foreign exchange market, the rupee opened at 96.18 against the US dollar before giving up some gains to trade at 96.28. It had settled at 96.53 on Friday, recovering 20 paise from an intra-day low.The dollar index, which measures the US currency against a basket of six major currencies, slipped 0.26% to 101.04.Brent crude, the global benchmark, fell 4.17% to $92.74 per barrel in futures trade.Analysts attributed the movement in crude prices to easing tensions in West Asia after the US and Iran paused strikes against each other.US President Donald Trump is "giving talks some space", Mike Waltz, the US ambassador to the United Nations, told Fox News."He's giving it a little bit of room," Waltz said, adding, "We've had both Oman and Iran, and a number of our other negotiators, engaged at every level, from the most senior levels all the way down to the technical level over the past few weeks, and particularly in the past few days."Domestic equities also traded higher, adding to the positive sentiment for the local currency.BSE Sensex climbed 613.80 points, or 0.81%, to 76,673.57, while NSE Nifty gained 165.40 points, or 0.70%, to 23,931.55.Meanwhile, Foreign Institutional Investors (FIIs) remained net sellers, offloading equities worth Rs 3,892.77 crore on Friday, according to exchange data.Get the latest Business News and Live updates. Download the TOI app.

Indexed and credited by AIPROPX. Originating outlet: The Times of India. Open at source →