India, June 12 -- The Indian rupee recorded a strong recovery on Friday, surging 77 paise to close at 95.08 against the US dollar, supported by a sharp decline in global crude oil prices and positive sentiment in domestic equity markets.

Forex traders said the rally was triggered after US President Donald Trump indicated that a peace deal with Iran could be signed soon, easing concerns over disruptions in global oil supplies. The development led to a significant fall in crude oil prices, providing relief to oil-importing countries such as India.

Brent crude, the global benchmark, fell more than 4 per cent to trade near USD 86.5 per barrel. Lower oil prices typically strengthen the rupee by reducing India's import bill and easing pressur...