Rupee rises 0.9%, sees best day in a month

The Indian rupee had its best day in a month on Tuesday as oil prices slumped, the dollar weakened and Asian currencies rallied after a cease-fire between Israel and Iran went into effect, reviving risk sentiment.

- Reuters

MUMBAI:

The rupee closed at 85.9750 against the U.S. dollar, up 0.9% on the day, its biggest single-day rise since May 23.

Oil prices dropped after the ceasefire was announced by U.S. President Donald Trump overnight, bringing relief to currencies of oil-importing countries like India.

Brent crude futures were at $69 per barrel, down more than 15% from a five-month high hit a day earlier.