Rupee logs best day in over 6 weeks amid RBI intervention and oil price decline

The Indian rupee posted its best trading day in over six weeks on Monday, opening at 96.1475 and climbing to a high of 95.7950. The sharp appreciation was driven by two key factors: active intervention by the Reserve Bank of India and a significant decline in global oil prices.

The fall in crude oil prices was bolstered by a pause in military hostilities between the United States and other parties, reducing geopolitical tensions. Lower oil prices ease inflation pressures and improve India's current account dynamics, typically supporting the rupee's value against the dollar.