FX.co ★ Indian Rupee Rises to Over 3-Week High

The Indian rupee strengthened to around 95.3 per dollar, extending gains for a fifth straight session to reach a three-week high, supported by a weaker US dollar and easing crude oil prices. Upward pressure on India’s import bill diminished after the dollar recorded its sharpest one-day drop in three months, while Brent crude futures fell about 1% to around $88 per barrel amid expectations of a Saudi Arabia-led maritime coalition aimed at enhancing security cooperation in the Red Sea. The rupee was further underpinned by ongoing intervention from the Reserve Bank of India, with traders citing continued dollar selling following the central bank’s aggressive action last Friday. However, market participants warned that any further appreciation in the currency could be limited if oil prices rebound amid persistent tensions between the US and Iran.