INR near 4-week high as DXY resets below the 100 mark; Easing oil prices and positive equities support

The Indian rupee strengthened against the US currency for the sixth consecutive session on Monday, closing higher by 12 paise at 95.31 (provisional) following a sharp drop in global crude oil prices and a softer greenback after US President Donald Trump decided to hold off strikes against Iran. INR hovered near a four-week high as the U.S. dollar index dipped following joint intervention by the United States and Japan to prop up the Japanese yen. FII inflows and gains in domestic stock markets provided further support to the local unit. Indian shares rose notably with a weaker dollar in international markets, renewed foreign fund inflows and cooling crude oil prices helping underpin investor sentiment. Brent crude futures fell nearly 5 percent toward $83 a barrel after U.S. President Donald Trump held off on a fresh attack on Iran and said an agreement was close, signaling renewed diplomatic momentum to end months of fighting. At the interbank foreign exchange, the rupee opened at ...