Rupee rises 7 paise to 95.64 against US dollar in early trade

MUMBAI: (Aug 24) 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.