Rupee Gains Momentum: A Boost from Falling Dollar and Rising Stocks

The Indian rupee extended its winning streak for the fifth session, closing at 85.15 against the US dollar, driven by a weakened dollar, strong domestic stocks, foreign inflows, and lower crude oil prices. The dollar index fell below 99, and forex reserves increased by USD 1.567 billion.

The Indian rupee extended its winning streak for the fifth consecutive session, closing at 85.15 against the US dollar on Monday. This upward movement was largely attributed to a significant decline in the greenback overseas and a robust performance by domestic equities.

As the US dollar index hit its lowest point in three years, foreign investments surged, and crude oil prices decreased. Analysts are optimistic about the rupee's future performance amidst a weaker dollar and favorable trade conditions.

Additionally, India's forex reserves witnessed a notable increase, marking the sixth straight week of growth, supported by continued foreign institutional investments and a vibrant stock market.

(With inputs from agencies.)