USD/INR pair falls to near 84.30 as declining oil prices ease pressure on India’s import costs and currency.
The Indian Rupee strengthened against the US Dollar on Thursday, with the USD/INR pair trading near 84.30. The move follows a sharp decline in oil prices, which have returned to levels seen before the recent geopolitical tensions escalated.
Oil prices had previously surged due to supply concerns, weighing on the INR as India imports over 80% of its crude. The recent drop alleviates pressure on the country’s trade deficit and inflation outlook.
No immediate market reaction data was provided, but the rupee’s gains reflect improved sentiment toward emerging market currencies amid lower energy costs.