Rupee rallies to five-week high on crude oil plunge; RBI measures add to momentum

The Indian rupee strengthened against the US dollar for a second consecutive day, buoyed by a significant drop in crude oil prices following a preliminary US-Iran agreement. This rise also builds on recent Reserve Bank of India measures aimed at attracting dollar inflows. Traders anticipate further support for the rupee, though its appreciation pace may hinge on the RBI’s policy.