<p>Mumbai: The rupee depreciated 6 paise to settle at 88.71 (provisional) against the US dollar in a muted session on Monday, weighed down by elevated crude oil prices.</p>.<p>However, positive domestic equity markets and a soft US dollar cushioned the rupee's downside, forex traders said.</p>.<p>At the interbank foreign exchange market, the rupee opened at 88.64 against the American currency, and touched an intraday high of 88.64 and a low of 88.71 against the greenback during the day.</p>.<p>The domestic unit finally settled for the day at 88.71 (provisional), lower by 6 paise from its previous close.</p>.<p>On Friday, the rupee slipped 2 paise to 88.65 against the US dollar.</p>.<p>"We expect the rupee to trade with a slight negative bias on rising global markets and a surge in crude oil prices. Importers' demand for the US dollar may also put pressure on the rupee.</p>.<p>"However, any weakening of the US dollar amid concerns over the long-term health of the US economy may support the rupee at lower levels. Markets may remain volatile as the US Government shutdown nears an end. USD/INR spot price is expected to trade in a range of 88.50 to 89," said Anuj Choudhary, Research Analyst, Mirae Asset ShareKhan.</p>.<p>Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, fell 0.04 per cent to 99.55.</p>.<p>Brent crude, the global oil benchmark, rose 1.01 per cent to $64.27 per barrel in futures trading.</p>.<p>On the domestic equity markets front, the Sensex climbed 319.07 points to settle at 83,535.35, while the Nifty gained 82.05 points to 25,574.35.</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 depreciated 6 paise to settle at 88.71 (provisional) against the US dollar in a muted session on Monday, weighed down by elevated crude oil prices.</p>.<p>However, positive domestic equity markets and a soft US dollar cushioned the rupee's downside, forex traders said.</p>.<p>At the interbank foreign exchange market, the rupee opened at 88.64 against the American currency, and touched an intraday high of 88.64 and a low of 88.71 against the greenback during the day.</p>.<p>The domestic unit finally settled for the day at 88.71 (provisional), lower by 6 paise from its previous close.</p>.<p>On Friday, the rupee slipped 2 paise to 88.65 against the US dollar.</p>.<p>"We expect the rupee to trade with a slight negative bias on rising global markets and a surge in crude oil prices. Importers' demand for the US dollar may also put pressure on the rupee.</p>.<p>"However, any weakening of the US dollar amid concerns over the long-term health of the US economy may support the rupee at lower levels. Markets may remain volatile as the US Government shutdown nears an end. USD/INR spot price is expected to trade in a range of 88.50 to 89," said Anuj Choudhary, Research Analyst, Mirae Asset ShareKhan.</p>.<p>Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, fell 0.04 per cent to 99.55.</p>.<p>Brent crude, the global oil benchmark, rose 1.01 per cent to $64.27 per barrel in futures trading.</p>.<p>On the domestic equity markets front, the Sensex climbed 319.07 points to settle at 83,535.35, while the Nifty gained 82.05 points to 25,574.35.</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>