<p>Mumbai: The rupee fell 4 paise to 88.69 against the US dollar in early trade on Monday, weighed down by the strength of the American currency in the overseas market and elevated crude oil prices.</p>.<p>Forex traders said the rupee sentiment remained fragile amid global uncertainty.</p>.<p>The US shutdown is providing a counter-intuitive lift to the dollar, with government spending halted, fewer dollars are circulating -- tightening supply and offering short-term support to the currency, they said.</p>.<p>At the interbank foreign exchange market, the rupee opened at 88.64, and slipped to 88.69 against the greenback, registering a fall of 4 paise from its previous close.</p>.<p>On Friday, the rupee slipped 2 paise to 88.65 against the US dollar.</p>.<p>"The RBI’s defence of the 88.80 level has now become a visible line in the sand, keeping USD/INR capped, with strong resistance seen around 88.80–89.00 and support near 88.40. This indicates a short-term consolidation within this range," CR Forex Advisors MD – Amit Pabari said.</p>.<p>However, backed by India’s solid economic fundamentals and improving investor sentiment, the medium-term bias remains tilted toward rupee strength. A decisive break below 88.40 could pave the way for further gains toward 88.00–87.70 levels, Pabari added.</p>.<p>Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, rose 0.08 per cent to 99.68.</p>.<p>"The Federal Reserve’s cautious stance and the prolonged US government shutdown have stirred uncertainty, but not enough to trigger a clear directional move," Pabari noted.</p>.<p>Brent crude, the global oil benchmark, rose 0.66 per cent to $64.05 per barrel in futures trading.</p>.<p>On the domestic equity markets front, the Sensex climbed 202.48 points to 83,418.76 in early trade, while the Nifty rose 68.65 points to 25,560.95.</p>.<p>Foreign institutional investors bought equities worth Rs 4,581.34 crore on Friday, according to exchange data.</p>.<p>Meanwhile, India's forex reserves dropped $5.623 billion to $689.733 billion for the week ended October 31, the Reserve Bank of India said on Friday.</p>.<p>The overall reserves had declined by $6.925 billion to $695.355 billion. </p>
<p>Mumbai: The rupee fell 4 paise to 88.69 against the US dollar in early trade on Monday, weighed down by the strength of the American currency in the overseas market and elevated crude oil prices.</p>.<p>Forex traders said the rupee sentiment remained fragile amid global uncertainty.</p>.<p>The US shutdown is providing a counter-intuitive lift to the dollar, with government spending halted, fewer dollars are circulating -- tightening supply and offering short-term support to the currency, they said.</p>.<p>At the interbank foreign exchange market, the rupee opened at 88.64, and slipped to 88.69 against the greenback, registering a fall of 4 paise from its previous close.</p>.<p>On Friday, the rupee slipped 2 paise to 88.65 against the US dollar.</p>.<p>"The RBI’s defence of the 88.80 level has now become a visible line in the sand, keeping USD/INR capped, with strong resistance seen around 88.80–89.00 and support near 88.40. This indicates a short-term consolidation within this range," CR Forex Advisors MD – Amit Pabari said.</p>.<p>However, backed by India’s solid economic fundamentals and improving investor sentiment, the medium-term bias remains tilted toward rupee strength. A decisive break below 88.40 could pave the way for further gains toward 88.00–87.70 levels, Pabari added.</p>.<p>Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, rose 0.08 per cent to 99.68.</p>.<p>"The Federal Reserve’s cautious stance and the prolonged US government shutdown have stirred uncertainty, but not enough to trigger a clear directional move," Pabari noted.</p>.<p>Brent crude, the global oil benchmark, rose 0.66 per cent to $64.05 per barrel in futures trading.</p>.<p>On the domestic equity markets front, the Sensex climbed 202.48 points to 83,418.76 in early trade, while the Nifty rose 68.65 points to 25,560.95.</p>.<p>Foreign institutional investors bought equities worth Rs 4,581.34 crore on Friday, according to exchange data.</p>.<p>Meanwhile, India's forex reserves dropped $5.623 billion to $689.733 billion for the week ended October 31, the Reserve Bank of India said on Friday.</p>.<p>The overall reserves had declined by $6.925 billion to $695.355 billion. </p>