Indian rupee rises to 95.64 against US dollar

The Indian rupee rose 7 paise to 95.64 against the US dollar during early trade on Monday. The currency's movement was supported by a weaker US dollar, though gains were constrained by high Brent crude prices and persistent importer demand.

Market caution is driven by geopolitical tensions as the United States prepares to announce new sanctions against Iran. These sanctions are expected to target Iran's banking network, shipping routes, and oil trade. Investors remain wary of how these measures might impact other major economies involved in Iranian trade.

In other market news, India's foreign exchange reserves increased by USD 9.905 billion to reach USD 716.907 billion for the week ending August 14, according to the Reserve Bank of India. On the domestic equity front, the Sensex and Nifty both saw early gains.