The Indian rupee appreciated sharply by 61 paise to close at 95.92 (provisional) against the US dollar on Monday, driven by a steep correction in crude oil prices after the US and Iran paused the war in West Asia, triggering hopes of easing global trade tensions. The local currency also found support from a firm trend in domestic equities and weakness in the US dollar against major currencies. Local shares rallied as oil prices tumbled amid eased Middle East tensions, helping ease inflation and interest-rate concerns ahead of crucial Fed, BoE and BoJ central bank meetings due this week. The BSE Sensex surged 776.01 points (1.02%) to settle at 76,835.78. Meanwhile, the NSE Nifty 50 climbed 228.50 points (0.96%) to finish just shy of the key psychological milestone at 23,995.95. At the interbank foreign exchange, the rupee opened at 96.18 and touched the low of 96.27 and high of 95.78 against the greenback during the session. The local unit finally settled at 95.92 (Provisional) against the dollar, up 61 paise compared to its previous closing level.
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