Rupee Strengthens Against Dollar Amid Ceasefire Hopes

Rupee Gains Ground Against the Dollar

Rupee Strengthens Against Dollar: Following U.S. President Donald Trump's announcement regarding a ceasefire between Iran and Israel, the Sensex experienced a significant surge, while crude oil prices saw a decline on Tuesday. In this context, the Indian rupee has gained momentum, rising by 65 paise to reach 86.13 per dollar during early trading. According to local currency traders, the optimism surrounding a ceasefire between Iran and Israel, coupled with a drop in crude oil prices, has bolstered the domestic currency. Additionally, a weaker dollar and a robust start in domestic markets have contributed to the rupee's strength.

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Rupee Strengthens Further

After President Trump’s announcement regarding a ceasefire between Iran and Israel, the market has gained renewed hope. In the interbank foreign exchange market, the rupee opened at 86.07 against the dollar and later improved to 86.13 per dollar, reflecting a gain of 65 paise from the previous close.

On the previous day, Monday, the rupee had fallen by 23 paise, closing at a five-month low of 86.78. Meanwhile, global oil benchmark Brent crude futures dropped by 2.73 percent to $69.53 per barrel.

Additionally, the dollar index, which measures the U.S. dollar against six major currencies, fell by 0.29 percent to 98.13. In the domestic stock market, the BSE Sensex surged by 930.7 points to reach 82,827.49, while the Nifty climbed by 278.95 points to 25,250.85. According to stock market data, foreign institutional investors (FIIs) were net sellers on Monday, offloading shares worth ₹1,874.38 crore.

Hope for Peace in West Asia

It is noteworthy that on June 12, Israel targeted significant Iranian sites with missiles. Following this, the U.S. also engaged by attacking three Iranian nuclear facilities, escalating tensions in West Asia. However, with President Trump’s claims of a ceasefire between the two nations, there is now hope for a return to normalcy in the region.