Rupee surges 77 paise, sees biggest single-day gain in a month as oil prices tumble

Indian rupee

Indian rupee ended 77 paise up on June 24, which is its biggest single-day gain in a month after crude oil prices in the international market fell sharply amid likelihood of ceasefire between Iran and Israel. The single-day gain registered today was highest since May 23, when local currency closed 79 paise up, according to the Bloomberg data.

The domestic currency ended at 85.98 against the US dollar, as compared to 86.7525 at close in the previous trading session. The local currency today opened 65 paise stronger at 86.1050 against the US dollar.

Brent crude, the global oil benchmark, plummeted 3.19% to $69.20 per barrel in futures trade as US President Donald Trump announced that Iran and Israel agreed to a ceasefire. On June 23, it fell over 7 percent in a single day.

Trump on June 23 announced that Israel and Iran have reached a "complete and total" ceasefire agreement. "Congratulations to everyone! It has been fully agreed by and between Israel and Iran that there will be a complete and total ceasefire (in approximately 6 hours from now, when Israel and Iran have wound down and completed their in progress, final missions!), for 12 hours, at which point the war will be considered, ENDED!" he wrote in a post on Truth Social.

Iran, however, discredited the claim, with Iran's Supreme Leader Ayatollah Ali Khamenei saying "those who know the Iranian people and their history know that the Iranian nation isn’t a nation that surrenders".

India's equity benchmark indexes trimmed some gains on Tuesday as Israel said it had ordered its military to strike Tehran after it violated a ceasefire announced earlier by Trump.

Israeli Defence Minister Israel Katz said on Tuesday he had ordered a forceful response after detecting missile launches from Iran following the start of the truce.