Rupee Stabilizes Amid Geopolitical Tensions Over Iran Sanctions

The Indian rupee has strengthened against the US dollar in early trade on August 24. It rose by 7 paise to 95.64, a slight gain from its previous close of 95.71. The strengthening of the rupee is attributed to a softer US dollar and elevated Brent crude prices.

However, geopolitical tensions surrounding the impending sanctions on Iran are keeping investors cautious. CR Forex Advisors MD Amit Pabari notes that markets are worried not only about Iran but also who else might be affected by the sanctions. The details of the sanctions are expected to be revealed later in the day, which is likely to keep oil and currency markets subdued.

The dollar index, which measures the greenback's strength against a basket of six currencies, has weakened slightly to 98.82. Brent crude prices have also decreased by 1.32% to $93.14 per barrel. The Sensex has risen by 202.42 points to 77,744.15 in early trade.