- The Indian rupee rose 34 paise to 93.63 against the US dollar early Tuesday
- Brent crude oil prices briefly fell below $100 per barrel, easing pressure on INR
- The dollar index traded 0.45% higher at 99.40 against a basket of six currencies
The Indian rupee appreciated the most in 11 sessions against the US dollar early Tuesday as global crude oil prices briefly fell below $100 per barrel, relieving pressure on the currency. The INR opened 34 paise stronger at 93.63 to a dollar. On March 10, the currency had gained as much as 59 paise.
In Asia, the Philippines Peso, Taiwan Dollar and Indonesian Rupiah were the other notable currencies rising against the greenback. The dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.45% higher at 99.40.
International benchmark Brent crude dropped as much as 14% overnight to below $100 per barrel, before recovering some losses. US President Donald Trump delayed a threat to strike Iran's energy infrastructure for five days, claiming there were talks with Tehran. Iran denied negotiations were taking place, while Israel kept up attacks. After Tehran's response, crude prices ticked higher.
The rupee has declined 4.4% so far this year amid relentless foreign fund outflows and geopolitical tensions.
On the domestic equity market front, equity benchmarks opened higher. The NSE Nifty 50 gained 1.2% to 22,786 at the open, while the BSE Sensex rose more than 1,000 points to 73,700. In intraday trade, Nifty rose as much as 1.7%. Sensex also extended gains and climbed as much as 1,516 points.
Foreign institutional investors sold equities worth Rs 10,414 crore on a net basis on Monday, according to exchange data.
ALSO READ: Goldman Sees Rupee Sliding To 95, Putting Pressure on RBI
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