Indian Shares Rally On US-Iran Peace Deal Hopes

Indian shares closed Monday’s session on a buoyant note as hopes for a U.S.-Iran peace deal sent oil prices sharply lower and eased inflationary concerns.

Oil prices tumbled nearly 5 percent and the rupee extended gains for a third straight session to hit a two-week high at around 95.28 to the dollar after U.S. President Donald Trump said on Saturday a peace deal with Iran had been “largely negotiated.”