<p>Mumbai: The rupee depreciated 16 paise to 88.01 against the US dollar in early trade on Thursday, as traders assessed the US FED outlook following a rate cut.</p><p>The US FED reduced rates by a quarter point as expected and indicated that it will steadily lower borrowing costs for the rest of the year.</p><p>At the interbank foreign exchange market, the rupee opened at 87.93, then lost ground and touched an early low of 88.01 against the US dollar, registering a decline of 16 paise over its previous close.</p><p>On Wednesday, the rupee appreciated 24 paise to close at 87.85 against US dollar.</p><p>"Expect a range-bound movement in the pair on Thursday after the passing over of a major event while we await for the outcome of US-India trade tariffs meeting. Thursday's opening is a tad weaker after a rise in the US Dollar index and a fall in Asian currencies," said Anil Kumar Bhansali, Head of Treasury and Executive Director Finrex Treasury Advisors LLP.</p>.US tariffs won't have direct impact on India's steel industry: Secretary Sandeep Poundrik.<p>Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, rose 0.17 per cent to 97.03.</p><p>Brent crude, the global oil benchmark, was trading 0.12 per cent lower at USD 67.87 per barrel in futures trade,</p><p>On the domestic equity market front, Sensex rallied 447.5 points to 83,141.21 in early trade, while the Nifty climbed 118.7 points to 25,448.95.</p><p>Foreign Institutional Investors sold equities worth Rs 1,124.54 crore on a net basis on Wednesday, according to exchange data.</p><p>Meanwhile, Union Commerce Minister Piyush Goyal on Wednesday expressed confidence that India's exports would grow by around 6 per cent this year compared to the corresponding period in 2024.</p><p>Underscoring the country's strong performance in global trade despite challenges, the minister said discussions on free trade agreements (FTAs) were advancing with several countries.</p><p>"India's exports would grow by around 6 per cent this year compared to the corresponding period last year. I believe we will end the year on a positive note," Goyal told reporters here, adding that discussions on free trade agreements (FTAs) were advancing with several countries.</p>
<p>Mumbai: The rupee depreciated 16 paise to 88.01 against the US dollar in early trade on Thursday, as traders assessed the US FED outlook following a rate cut.</p><p>The US FED reduced rates by a quarter point as expected and indicated that it will steadily lower borrowing costs for the rest of the year.</p><p>At the interbank foreign exchange market, the rupee opened at 87.93, then lost ground and touched an early low of 88.01 against the US dollar, registering a decline of 16 paise over its previous close.</p><p>On Wednesday, the rupee appreciated 24 paise to close at 87.85 against US dollar.</p><p>"Expect a range-bound movement in the pair on Thursday after the passing over of a major event while we await for the outcome of US-India trade tariffs meeting. Thursday's opening is a tad weaker after a rise in the US Dollar index and a fall in Asian currencies," said Anil Kumar Bhansali, Head of Treasury and Executive Director Finrex Treasury Advisors LLP.</p>.US tariffs won't have direct impact on India's steel industry: Secretary Sandeep Poundrik.<p>Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, rose 0.17 per cent to 97.03.</p><p>Brent crude, the global oil benchmark, was trading 0.12 per cent lower at USD 67.87 per barrel in futures trade,</p><p>On the domestic equity market front, Sensex rallied 447.5 points to 83,141.21 in early trade, while the Nifty climbed 118.7 points to 25,448.95.</p><p>Foreign Institutional Investors sold equities worth Rs 1,124.54 crore on a net basis on Wednesday, according to exchange data.</p><p>Meanwhile, Union Commerce Minister Piyush Goyal on Wednesday expressed confidence that India's exports would grow by around 6 per cent this year compared to the corresponding period in 2024.</p><p>Underscoring the country's strong performance in global trade despite challenges, the minister said discussions on free trade agreements (FTAs) were advancing with several countries.</p><p>"India's exports would grow by around 6 per cent this year compared to the corresponding period last year. I believe we will end the year on a positive note," Goyal told reporters here, adding that discussions on free trade agreements (FTAs) were advancing with several countries.</p>