Market experts say the biggest reason behind the rupee’s rise is the . India imports most of its crude oil. When oil becomes cheaper, the country spends less on imports. This reduces the demand for US dollars and supports the rupee.
Regarding this, Mike Waltz, the US ambassador to the United Nations, has opined that US President Donald Trump is giving ‘it a little bit of room.’ He further added, “We’ve had both Oman and Iran, and a number of our other negotiators, engaged at every level, from the most senior levels all the way down to the technical level over the past few weeks and particularly in the past few days.”
At the same time, experts suggested that future moves will depend on global events, including oil prices, US economic data, and decisions by major central banks. These factors will continue to influence the foreign exchange market.
Also Read: Crude Oil Prices Rise as US-Iran Escalation Revives Supply Fears, Brent Holds Above $70
