Rupee rises 7 paise to 95.64 against US dollar during early trade
The rupee traded in a narrow range and rose 7 paise to 95.64 against the American currency in early trade on Monday, supported by a softer US dollar, but simmering geopolitical tensions kept it from making strong gains.
Forex traders said the Dollar Index has weakened, but elevated Brent crude and persistent importer demand limited the rupee's gains.
Moreover, investors are treading a cautious path as Washington is set to unveil a fresh wave of sanctions on Iran, targeting its oil trade, banking network and shipping routes.
At the interbank foreign exchange, the rupee opened at 95.68, then rose to 95.64, higher by 7 paise from its previous close.
On Friday, the rupee settled higher by just 3 paise at 95.71 against the US dollar.
"The worry for markets isn't just Iran, it's who else gets caught in the crossfire, since several major economies continue to engage with Iranian trade in some form.
Until the details are out this evening, oil and currency markets are likely to stay cautio
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