The slump in oil prices triggered by the announcement of a U.S.-Iran peace deal is poised to complement the Indian central bank's recent efforts to support the rupee, brightening the currency's near-term trajectory.
The rupee strengthened about 0.7% to 94.4625 per dollar on Monday, its highest level in seven weeks. It was buoyed by a plunge in crude oil prices after Washington and Tehran indicated they had reached an initial deal to halt their war and reopen the Strait of Hormuz.
