USD/INR pair falls to near 83.50 after oil prices decline 1% on reports of a truce between Iran and Israel.
The Indian Rupee (INR) rebounded against the US Dollar (USD) at Tuesday’s open, trading near 83.50 after a prior session decline. The move follows a 1% drop in oil prices to around 8,600 on the MCX Crude Oil June contract, driven by a ceasefire between Iran and Israel.
Oil prices had surged earlier in the week but retreated after Iran confirmed it would halt attacks on Israeli territory. The truce, brokered with US intervention, eased concerns over supply disruptions in the Middle East. India, a major oil importer, typically sees currency pressure when energy costs rise.
Foreign Institutional Investors (FIIs) continued selling Indian equities, offloading stakes worth INR 36,370.14 crore in June amid earnings concerns linked to higher energy prices.