In a notable boost for India’s currency markets, the Indian rupee surged by 77 paise on June 24, marking its largest single-day gain in a month. The rupee closed at 85.98 against the US dollar, strengthening from the previous close of 86.7525. The currency had opened 65 paise stronger at 86.1050, buoyed by a sharp drop in global crude oil prices.
This uptick follows a dramatic swing in the oil market: Brent crude futures fell 3.19% to $69.20 per barrel, extending its decline after a massive 7% slump on June 23. The drop came amid news that US President Donald Trump announced a “complete and total” ceasefire agreement between Israel and Iran — a development that briefly sparked optimism for stability in the Middle East and lower oil prices worldwide.
Trump declared on his Truth Social platform that both nations had agreed to end hostilities within hours and halt military operations for 12 hours, effectively marking the war’s end. However, the ceasefire claims quickly unraveled. Iran’s Supreme Leader Ayatollah Ali Khamenei dismissed Trump’s statement, insisting Iran is not a nation that simply “surrenders.”
Adding to the uncertainty, fresh tensions erupted when Israel accused Iran of violating the truce. Israeli Defence Minister Israel Katz announced a forceful military response after Iran allegedly launched missiles during the short-lived ceasefire window.
While the ceasefire confusion rattled sentiment in global equity markets, the rupee’s rally brought some relief to Indian importers and the economy, which remains sensitive to oil price swings.
Traders now watch closely for developments in the Middle East, which could influence both crude oil prices and the rupee’s momentum in the coming days.
