Business Business: The Indian rupee closed with a gain of 77 paise on June 24, its biggest single-day gain in a month, following a sharp drop in crude oil prices in the international market amid the possibility of a ceasefire between Iran and Israel. According to Bloomberg data, the single-day gain recorded today is the highest since May 23, when the local currency closed with a gain of 79 paise.
The domestic currency closed at 85.98 against the US dollar, while it closed at 86.7525 in the previous trading session. The local currency opened 65 paise stronger at 86.1050 against the US dollar today.
Global oil benchmark Brent crude futures fell 3.19% to $69.20 per barrel in mid-trade after US President Donald Trump announced that Iran and Israel have agreed on a ceasefire. On June 23, it fell over 7 per cent in a single day.
Trump announced on June 23 that Israel and Iran had reached a “complete and total” ceasefire agreement. “Congratulations everyone! Israel and Iran have agreed that there will be a complete and total ceasefire (approximately 6 hours from now, when Israel and Iran have completed their final missions!) for 12 hours, at which time the war will be considered over!” he wrote in a post on Truth Social.
