Rupee Surges on Global Cues: Softer Dollar & Cheaper Crude Boost Currency

• The rupee advanced in early trade, supported by a softer US dollar and a sharp decline in global crude oil prices.
• It opened at 90.20 against the US dollar and strengthened to 89.92, gaining 26 paise from its previous close.
• Brent crude slipped over 1% to around $60 a barrel, improving India’s import cost outlook.
• Expectations of Reserve Bank of India (RBI) support anchored market sentiment, despite unconfirmed intervention.
• Market participants remain cautious, with underlying flows indicating a bias towards gradual depreciation.

Why It Matters: Rupee gained due to global factors, but underlying caution about depreciation persists.