Rupee hits five-week high, ends at 94.71 vs USD on easing Mideast tensions

The Indian rupee surged to a five-week high of 94.71 against the US dollar, driven by easing Middle East tensions ahead of a potential US-Iran peace deal and a nearly 5% decline in Brent crude to around $82.9/barrel. Traders turned bullish on the rupee amid improved sentiment and expected dollar inflows through FCNB accounts, supported by recent RBI measures to boost foreign currency inflows. Experts forecast the rupee could strengthen further to the 92.75-94.20 range by December 2026, though it remains 5.6% lower year-to-date after touching a record low of 96.96 last month.