Rupee climbs to 95.64 against US dollar; Iran sanctions, crude prices in focus

The rupee began the trading day on a stronger note against the US dollar, appreciating by seven paise to 95.64. Nonetheless, concerns over geopolitical tensions and steady demand from importers curbed significant gains. Compounded by elevated Brent crude prices, the rupee traded cautiously. Investors are particularly attentive to anticipated sanctions impacting Iran’s oil sector. Notably, India’s foreign exchange reserves saw a remarkable rise in the latest reporting week.