Rupee strengthens over two sessions despite rising crude
The rupee strengthened sharply over the past two trading sessions even as crude oil prices climbed, despite higher oil typically increasing dollar demand for India’s imports.
The rupee has strengthened sharply over the past two trading sessions even as crude oil prices have climbed.
That may seem counterintuitive because India imports most of the crude oil it consumes, and higher oil prices usually mean a bigger demand for dollars and more pressure on the rupee.The rupe…