Rupee rises 5 paise to 95.53 against US dollar

MUMBAI: (May 29) The rupee rose 5 paise to 95.53 against the US dollar in early trade on Friday, after the US and Iran reached an understanding to extend the ceasefire for another 60 days.

Forex traders said the agreement is expected to keep trade flowing through the strategic Strait of Hormuz while both countries continue negotiations around Iran’s nuclear program.

At the interbank foreign exchange market, the rupee opened at 95.77 against the US dollar, then gained ground and touched 95.53 in early trade, up 5 paise from its previous close. In initial trade the rupee also touched 95.78 against the American currency.