The Indian rupee started lower by 13 paise at 94.74 against the US dollar on Thursday, 7 May, following a significant recovery in the previous day’s trading. On Wednesday, the local currency gained 69 paise, finishing at 94.49 per dollar, bolstered by falling crude oil prices and a more favourable global sentiment.
The rupee’s recovery occurred as Brent crude prices dropped towards the $100-per-barrel threshold after Donald Trump suggested a potential agreement with Iran, which raised optimism about reducing geopolitical tensions in the Middle East.
(more to come)