Rupee rises 18 paise to 96.18 against US dollar

MUMBAI: (May 22) The rupee rose 18 paise to 96.18 against the US dollar in early trade on Friday, on slight cooling in crude oil prices, tentative signs of easing geopolitical tensions, and active RBI intervention in the market.

Forex traders said markets found some comfort after comments from US Secretary of State Marco Rubio hinted that diplomatic talks linked to the Iran situation were moving in a constructive direction.

Although Rubio warned that he does not want to be “overly optimistic,” the comments were enough to calm markets temporarily.