After the softening of war-related fears between the US and Iran, the rupee rose by 22 paise to 71.48 against the US currency in early trade on Thursday due to stability in the global market. The rupee opened higher in the interbank foreign exchange market and was trading at Rs 71.48 per dollar in early trade.
The rupee had closed at 71.70 against the US currency on Wednesday. US President Donald Trump said Wednesday that the US does not necessarily respond to Iranian attacks on US military bases in Iraq. Reports said that no American or Iraqi casualties were reported in the Iranian attacks.
Asian stock markets got off to a good start in early trade with concerns over easing tensions between the two countries and easing crude oil supply concerns. According to preliminary data available with the stock market, foreign portfolio investors sold shares worth a net Rs 515.85 crore on Wednesday.