Currency Buzz: Rupee surges to three-week high as oil tanks

The Indian rupee extended upside in opening trades on Wednesday, tracking sharp decline in dollar overseas, tumbling oil prices and improving risk sentiment amid temporary relief on US-Iran war front. Trump announced that he would suspend planned military strikes against Iran for two weeks, subject to Tehran agreeing to fully reopen the Strait of Hormuz. INR opened at Rs 92.92 per dollar and hit a high of 92.45 so far during the day. The currency has found its footing after hitting a series of record lows over the past month, helped largely by the RBI's measures to curb arbitrage and speculative activity ⁠in the domestic foreign exchange market. Meanwhile, the Reserve Bank of India?s (RBI;s) Monetary Policy Committee (MPC) decided to keep policy repo rate unchanged at 5.25% while announcing its first policy decision of FY27.

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