Indian rupee strengthens 31 paise to 94.29 per U.S. dollar in early trade

The Indian rupee gained 31 paise to 94.29 against the U.S. dollar in early trade, supported by a drop in Brent crude futures to $78.67 a barrel, a three-month low, as markets priced in the reopening of the Strait of Hormuz. The dollar index edged down 0.01% to 99.52. The move was linked to a U.S.-Iran framework agreement announced on June 17, with the formal signing set for June 19 in Geneva, Switzerland.