Indian rupee has strengthened against US dollar on Monday amid expectations of RBI intervention as rising crude oil prices and Federal Reserve Chair Kevin Warsh hawkish remarks in the face of rising inflation risks triggered strong demand for dollar. The Brent crude oil prices have surged past $91 a barrel as tensions in West Asia intensified after US forces struck Iranian rocket launchers on Larak Island in the Strait of Hormuz, triggering immediate Iranian attacks on American forces stationed in Jordan. However, investors remained optimistic after Finance Minister Nirmala Sitharaman said India has remained resilient amid global uncertainties by continuously monitoring developments abroad while keeping the country’s own requirements in focus. On the global front, South Korean won has strengthened against US dollar on Monday supported by month-end flows and strong semiconductor-led export growth.
Finally, the rupee ended at 95.18 (Provisional), strengthened by 25 paise from its previous close of 95.43 on Friday. The currency touched a high and low of 95.56 and 95.11 respectively.
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