Rupee gains 5 paise to 95.57 against U.S. dollar in early trade

Mumbai: The rupee gained 5 paise to 95.57 against the U.S. dollar in early trade on Wednesday, supported by falling crude oil prices and a broader recovery in Asian currencies.

Forex traders said going ahead, the currency market direction will majorly be driven by unfolding geopolitical developments.

The domestic currency opened on a positive note amid softer crude prices which eased concerns over India’s import bill.

The recovery in other Asian currencies against the dollar also provided support to the rupee in early deals.

Traders, however, noted that volatility may persist as markets track global risk sentiment and geopolitical cues.

The rupee had closed lower in the previous session amid foreign fund outflows and a firm dollar.