<h1>Rupee surges 75 paise to 86.03 against dollar as crude oil prices drop on ceasefire reports</h1> The rupee strengthened significantly by 75 paise to close at 86.03 against the US dollar, recovering from a five-month low of 86.78. The surge was driven by a sharp decline in global crude oil prices following reports of a ceasefire agreement between regional Middle Eastern nations. Brent crude fell 3.19 percent to $69.20 per barrel. The dollar index weakened 0.48 percent to 97.94, while domestic equity markets posted gains with benchmark indices rising. Foreign institutional investors sold equities worth Rs 1,874.38 crore. Analysts expect the currency pair to trade between Rs 85.60-86.40 going forward.