<p>Mumbai: The rupee depreciated 21 paise to 88.40 against the US dollar in early trade on Tuesday, weighed down by month-end dollar demand from importers and a surge in global crude oil prices.</p>.<p>Forex traders said investors are keeping a watch on Federal Reserve’s policy decision on Wednesday for further cues. Markets are assigning a 97.8 per cent probability to a 25-basis-point rate cut, with another one expected in December, they said.</p>.<p>At the interbank foreign exchange market, the rupee opened at 88.34, and slipped to 88.40 against the greenback, registering a fall of 21 paise from its previous close.</p>.Growth outlook for FY26 remains strong despite global economic, trade uncertainties .<p>On Monday, the rupee plunged 36 paise to close at 88.19 against the US dollar.</p>.<p>"For now, the market seems to be balancing between short-term pressure and medium-term optimism. The rupee is expected to find strong resistance near 88.40, while support lies around 87.60–87.70. A break below that zone could open the door for a move toward 87.20," CR Forex Advisors MD – Amit Pabari said.</p>.<p>Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, fell 0.12 per cent to 98.66.</p>.<p>Brent crude, the global oil benchmark, rose 0.02 per cent to USD 65.63 per barrel in futures trading.</p>.<p>On the domestic equity markets front, Sensex climbed 125.93 points to 84,904.77 in early trade, while Nifty was up 39.8 points to 26,005.85.</p>.<p>Foreign Institutional Investors sold equities worth Rs 55.58 crore on Monday, according to exchange data.</p>.<p>Meanwhile, India's crude oil imports from the United States climbed to their highest level since 2022 in October, a move seen as part of New Delhi's effort to diversify supplies away from Russia and ease trade tensions with the Trump administration.</p>.<p>India's crude imports from the US reached 540,000 barrels per day as of October 27 - the highest since 2022, according to data from Kpler.</p>.<p>October is likely to close with near 575,000 bpd, and November looks to book around 400,000-450,000 bpd, per US export data - a sharp jump from the year-to-date average of around 300,000 bpd.</p>
<p>Mumbai: The rupee depreciated 21 paise to 88.40 against the US dollar in early trade on Tuesday, weighed down by month-end dollar demand from importers and a surge in global crude oil prices.</p>.<p>Forex traders said investors are keeping a watch on Federal Reserve’s policy decision on Wednesday for further cues. Markets are assigning a 97.8 per cent probability to a 25-basis-point rate cut, with another one expected in December, they said.</p>.<p>At the interbank foreign exchange market, the rupee opened at 88.34, and slipped to 88.40 against the greenback, registering a fall of 21 paise from its previous close.</p>.Growth outlook for FY26 remains strong despite global economic, trade uncertainties .<p>On Monday, the rupee plunged 36 paise to close at 88.19 against the US dollar.</p>.<p>"For now, the market seems to be balancing between short-term pressure and medium-term optimism. The rupee is expected to find strong resistance near 88.40, while support lies around 87.60–87.70. A break below that zone could open the door for a move toward 87.20," CR Forex Advisors MD – Amit Pabari said.</p>.<p>Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, fell 0.12 per cent to 98.66.</p>.<p>Brent crude, the global oil benchmark, rose 0.02 per cent to USD 65.63 per barrel in futures trading.</p>.<p>On the domestic equity markets front, Sensex climbed 125.93 points to 84,904.77 in early trade, while Nifty was up 39.8 points to 26,005.85.</p>.<p>Foreign Institutional Investors sold equities worth Rs 55.58 crore on Monday, according to exchange data.</p>.<p>Meanwhile, India's crude oil imports from the United States climbed to their highest level since 2022 in October, a move seen as part of New Delhi's effort to diversify supplies away from Russia and ease trade tensions with the Trump administration.</p>.<p>India's crude imports from the US reached 540,000 barrels per day as of October 27 - the highest since 2022, according to data from Kpler.</p>.<p>October is likely to close with near 575,000 bpd, and November looks to book around 400,000-450,000 bpd, per US export data - a sharp jump from the year-to-date average of around 300,000 bpd.</p>