The Indian rupee traded in a narrow range against the American currency in early trade on Monday, supported by a softer US dollar, but simmering geopolitical tensions kept it from making strong gains. INR opened at Rs 95.68 per dollar and hit a high of 95.64 so far during the day. On Friday, the counter ended at 95.71. The Dollar Index has weakened, but elevated Brent crude and persistent importer demand limited the rupee’s gains. Moreover, investors are treading a cautious path as Washington is set to unveil a fresh wave of sanctions on Iran, targeting its oil trade, banking network and shipping routes. Meanwhile, local shares were slightly higher in early trade on Monday despite mixed cues from global markets ahead of the announcement of fresh U.S. sanctions aimed at Iran. The benchmark 30-share BSE Sensex was up 103 points, or 0.1 percent, at 77,644 in early trade while the NSE Nifty index edged up by 28 points, or 0.1 percent, to 24,279.
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