Mumbai: The rupee gained 73 paise against the U.S. dollar in early trade Friday, closing at 94.85 after renewed optimism over a peace deal between the U.S. and Iran lifted market sentiment.
Forex traders said the USD/INR pair strengthened following an overnight drop in crude oil prices and a weaker U.S. dollar. The gains came after the U.S. and Iran reached an understanding to extend their ceasefire for another 60 days.
Lower crude prices ease pressure on India’s import bill, while a softer dollar typically supports emerging market currencies like the rupee.
The currency opened stronger and held gains through the morning session.
