The rupee opened 3 paise higher at 94.97 against the US dollar in early trade on Monday amid a surge in Asian markets. The rupee has continued its upward trend over the past week after slipping to historic lows earlier due to rising crude oil prices, energy imports, fertiliser, and precious metals. The currency was currently trading at 94.97 compared to its previous close of 95.00.
The recovery reflects investor confidence slowly returning to the share market despite the ongoing Iran-US tensions in the Middle East.
The rupee’s strength today is supported by optimism that the US and Iran are moving toward extending their ceasefire arrangement by 60 days while continuing nuclear programme negotiations.
This development has brought Brent crude prices back toward $92 per barrel from the $104 highs seen on May 29, 2026.
Meanwhile, the rupee had come under immense pressure due to hyperinflated crude oil prices, triggering the Government of India to announce austerity measures to ease mounting pressure.
Prime Minister Narendra Modi, earlier last month, urged the general public to resort to online modes for carrying out official duties, adopt working from home, avoid vacations abroad, and refrain from purchasing gold for at least one year to support the rupee and ease pressure on the economy.
Gold and silver prices have also come down amid a drastic decline in demand after the Centre revised import duties to 15 per cent from the earlier 6 per cent.
Also read: Sensex, Nifty rebound in early trade
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