<p>Mumbai: The rupee depreciated 9 paise to 85.96 against the US dollar in early trade on Thursday, weighed down by dollar demand from foreign investors, oil companies, and importers.</p>.<p>Forex traders said market participants are now keenly awaiting the outcome of the Reserve Bank of India's monetary policy meeting for further cues.</p>.<p>The Reserve Bank's rate-setting panel started its three-day brainstorming on monetary policy on Wednesday, and the outcome is scheduled to be announced on June 6.</p>.Markets climb in early trade on fresh foreign fund inflows, buying in Reliance.<p>At the interbank foreign exchange, the rupee opened at 85.86 and slipped further by 9 paise to 85.96 against the American currency in early trade over its previous close.</p>.<p>On Wednesday, the rupee depreciated for the second consecutive session and settled for the day lower by 26 paise at 85.87 against the US dollar.</p>.<p>Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading higher by 0.07 per cent at 98.85.</p>.<p>Brent crude, the global oil benchmark, declined 0.14 per cent to $64.77 per barrel in futures trade.</p>.<p>"The Indian rupee weakened past the 86 mark against the US dollar, driven by a storm of global risk aversion and importer demand for dollars. Moreover, the sentiment remained fragile ahead of the central bank’s policy review," CR Forex Advisors MD Amit Pabari said.</p>.<p>Meanwhile, the Russia-Ukraine tensions flared up once again, pushing Brent crude higher to $65.70 per barrel. For India, which is a net oil importer, this spells trouble, Pabari added.</p>.<p>In the domestic equity market, the 30-share BSE Sensex climbed 417.96 points or 0.52 per cent to 81,416.21, while the Nifty rose 125.05 points, or 0.51 per cent, to 24,745.25.</p>.<p>Foreign institutional investors (FIIs) purchased equities worth Rs 1,076.18 crore on a net basis on Wednesday, according to exchange data.</p>
<p>Mumbai: The rupee depreciated 9 paise to 85.96 against the US dollar in early trade on Thursday, weighed down by dollar demand from foreign investors, oil companies, and importers.</p>.<p>Forex traders said market participants are now keenly awaiting the outcome of the Reserve Bank of India's monetary policy meeting for further cues.</p>.<p>The Reserve Bank's rate-setting panel started its three-day brainstorming on monetary policy on Wednesday, and the outcome is scheduled to be announced on June 6.</p>.Markets climb in early trade on fresh foreign fund inflows, buying in Reliance.<p>At the interbank foreign exchange, the rupee opened at 85.86 and slipped further by 9 paise to 85.96 against the American currency in early trade over its previous close.</p>.<p>On Wednesday, the rupee depreciated for the second consecutive session and settled for the day lower by 26 paise at 85.87 against the US dollar.</p>.<p>Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading higher by 0.07 per cent at 98.85.</p>.<p>Brent crude, the global oil benchmark, declined 0.14 per cent to $64.77 per barrel in futures trade.</p>.<p>"The Indian rupee weakened past the 86 mark against the US dollar, driven by a storm of global risk aversion and importer demand for dollars. Moreover, the sentiment remained fragile ahead of the central bank’s policy review," CR Forex Advisors MD Amit Pabari said.</p>.<p>Meanwhile, the Russia-Ukraine tensions flared up once again, pushing Brent crude higher to $65.70 per barrel. For India, which is a net oil importer, this spells trouble, Pabari added.</p>.<p>In the domestic equity market, the 30-share BSE Sensex climbed 417.96 points or 0.52 per cent to 81,416.21, while the Nifty rose 125.05 points, or 0.51 per cent, to 24,745.25.</p>.<p>Foreign institutional investors (FIIs) purchased equities worth Rs 1,076.18 crore on a net basis on Wednesday, according to exchange data.</p>