In a sharp reversal of recent trends, the US dollar weakened against the Indian rupee today, closing below ₹86 for the first time in several sessions. The rupee regained strength as crude oil prices eased and the stock market recovered following the news of a ceasefire between Iran and Israel.
According to the Mumbai currency market, the dollar opened at ₹86.76, fluctuated during the session, and finally settled at ₹85.97 a drop of 79 paise. This marked a 0.91% gain for the rupee in a single day, its strongest performance since May 23.
The currency market sentiment improved as the global dollar index slipped 0.43%, falling from 97.99 to 97.93. Analysts noted that long positions on the dollar hit a six-month low, signaling a shift in investor mood.
Other currency movements:
- British Pound: Rose 89 paise, trading at ₹117.01
- Euro: Gained 28 paise, trading at ₹100.15
- Japanese Yen: Fell 0.83% against the rupee
Traders believe the rupee’s rise is supported by falling global crude prices, which in turn help reduce India’s import bill and trade deficit.
Bitcoin crosses $105,000 after Iran-Israel ceasefire news
In the cryptocurrency market, Bitcoin surged past $105,000 within the last 24 hours, recovering from its dip below $100,000 last week. The rise comes after easing geopolitical tensions following reports of a ceasefire between Iran and Israel.
This upward move revived investor interest in high-risk digital assets. The rally also led to forced liquidation of short positions $161 million worth of Bitcoin and $140 million worth of Ethereum were wiped out as prices rebounded.
Other major cryptocurrencies like XRP, Solana, and Ethereum also saw gains, further supporting the market sentiment.
