US-Iran Deal Optimism Spurs a Pullback in Safe-Haven Demand, Indian Rupee Extends Its Rebound
Three sources point in the same direction: rising market expectations that the United States and Iran are close to reaching a deal have pushed oil and the dollar lower, revived risk appetite, and supported the Indian rupee, allowing it to extend its rebound. Reuters also said intervention by the Reserve Bank of India, along with the governor’s remarks that the rupee appears undervalued and that the central bank will ensure orderly movements in the foreign-exchange market, further lifted sentiment. Bloomberg provided a more specific decline and closing level for Brent crude, while Reuters did not give the same number.