Rupee rises 58 paise to 94.60 against US dollar in early trade

The Indian rupee strengthened 58 paise to 94.60 against the US dollar in early trade, supported by a positive domestic equity market start, a weaker dollar index (down 0.22% at 99.53), and a US-Iran peace deal to reopen the Strait of Hormuz that sent Brent crude down 4.66% to $83.26/barrel. The geopolitical development eased concerns over India's balance of payments, with analysts projecting further appreciation toward 94.60-94.80. Meanwhile, Sensex surged 1,112.70 points to 76,648.74 and Nifty rose 335.55 points to 23,956.40, though FIIs remained net sellers at Rs 1,082.18 crore on Friday and forex reserves declined USD 711 million to USD 681.610 billion.