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fxJun 9, 2026, 5:01 AM

Indian Rupee Rebounds as Oil Prices Slump on Iran-Israel Truce

The Indian Rupee strengthened against the US Dollar on Tuesday morning after a sharp drop the previous day, driven by a decline in oil prices following reports of a ceasefire between Israel and Iran.

USDINR

The Indian Rupee (INR) rebounded against the US Dollar (USD) at Tuesday’s open, recovering from the previous session’s sharp losses. The USD/INR pair fell to near 95.50 as crude oil prices tumbled on news of a truce between Israel and Iran after a series of attacks.

Oil price declines typically benefit the Rupee because India is a major crude importer, reducing the country’s import bill and easing pressure on the currency. The reported ceasefire de-escalates geopolitical tensions in the Middle East, a key factor that had previously weighed on risk sentiment.

Market participants will now watch for further developments on the truce and any additional comments from officials. The Reserve Bank of India’s possible intervention remains a factor for the pair’s trajectory in the near term.

Source: FXStreet Forex News