Rupee rises 34 paise against dollar: What’s driving the move

The Indian rupee opened stronger on Tuesday (March 24), rising 34 paise to 93.64 against the US dollar, compared with the previous close of 93.98 per dollar.The currency tracked a softer dollar and initial easing in crude oil prices after US President Donald Trump signalled a delay in potential attacks on Iran’s power infrastructure and hinted at constructive engagement with Iranian officials. The comments lifted global risk sentiment, pushing US equities higher while Treasury yields and the dollar declined.

However, the optimism proved short-lived.
In Asian trade, Brent crude rebounded nearly 4% after an earlier sharp 11% drop, while Iran denied any talks with the U.S. Adding to the uncertainty, reports suggested that Saudi Arabia and the UAE may move closer to joining the conflict against Tehran, weighing on sentiment.Market participants noted that oil price movements remain the key driver for the rupee, especially given concerns around supply disruptions through the Strait of Hormuz. “All markets are reacting to headlines and tracking oil closely,” a Mumbai-based trader said, adding that while current rupee levels appear attractive, uncertainty around the Iran situation is limiting strong directional bets.

-With agencies inputs