&imwidth=800&imheight=600&format=webp&quality=medium "Rupee jumps to 93.53 against dollar, logs biggest gain in 12 years amid West Asia war")
The rupee achieved its biggest gain in more than 12 years on April 2, a day after the Reserve Bank of India (RBI) rolled out additional measures to curb currency volatility. The Indian currency surged up to 1.8 per cent to 93.53 against the dollar, marking the strongest rise since September 2013, when currency trading resumed after a two-day break.
The RBI barred banks from offering rupee non-deliverable forwards to both resident and non-resident clients on April 1. It also directed that companies cannot rebook cancelled foreign exchange derivative contracts. “In the near term, this is likely to trigger unwinding of such positions, reducing artificial demand for dollars and providing support to the rupee, potentially leading to appreciation bias or at least enhanced stability,” said Amit Pabari, managing director at CR Forex Advisory.
In over a ten years, FY26 was the worst year for the rupee due to the spike in Brent crude prices and persistent outflows from foreign investors, among others. The currency briefly crossed the key 95-dollar mark on March 30, even as the RBI stepped in to curb banks’ exposure to net open positions in the rupee.
Trump’s warning to Iran
Crude oil prices also jumped around 4 per cent after US President Donald Trump, while addressing the nation, indicated a possible escalation in the Iran war without indicating a timeline to end the war, which is in its second month.
While stating that the US had achieved its objectives, Trump warned that the situation could intensify if Iran’s leadership does not agree to American terms in ongoing negotiations, with potential strikes targeting Iran’s energy and oil infrastructure. Following his remarks, Brent crude surged to $106 per barrel.
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He said the US “does not need the Strait of Hormuz” and asked allies to “grab Hormuz”, indicating the world to buy oil from the US. He added that the US could hit Iran “extremely hard” within weeks, and added that military objectives are about achieved and the war was nearing its end. However, he has not provided any timeline to exit from the Middle East.
