<p>Mumbai: The rupee rose 10 paise to 87.59 against the US dollar in early trade on Thursday, supported by a weaker dollar index and easing Brent crude prices.</p><p>Besides, the Reserve Bank of India (RBI) stepped in to protect the local unit from crossing its all-time low, further supporting the local unit, according to forex traders.</p><p>However, FII outflows and weaker domestic equity markets prevented sharper gains in the local unit as an additional 25 per cent US tariffs on Indian products kicked in on Wednesday.</p> .<p>At the interbank foreign exchange, the rupee opened at 87.56 against the greenback before slipping to 87.59, registering a gain of 10 paise from its previous close.</p><p>The rupee depreciated 13 paise to close at 87.69 against the US dollar on Tuesday.</p><p>Equity and forex markets remained closed on Wednesday on account of Ganesh Chaturthi.</p> .<p>"The rupee opened higher as the Reserve Bank of India again protected the rupee from crossing its all-time low by selling dollars at 87.80 on Tuesday. Exporters are expected to sell dollars at 87.80 for hedging, while importers may buy the same on all dips for near-term imports payments," Anil Kumar Bhansali, Head of Treasury and Executive Director, Finrex Treasury Advisors LLP, said.</p><p>A range of 87-88 continues with a glimmer of chance of the rupee moving to 86.50 in the medium term, he said.</p><p>Brent crude, the global oil benchmark, was trading 0.76 per cent lower at USD 67.53 per barrel in futures trade.</p> .<p>"Brent oil prices fell in Asian trading on Thursday after US data showed a lower-than-expected drop in crude inventories, while investors weighed the impact of additional US tariffs against India," Bhansali said.</p><p>The dollar index, which gauges the greenback's strength against a basket of six currencies, fell 0.16 per cent to 98.07.</p><p>"The dollar index fell as US President Donald Trump's unprecedented move to fire FED Governor Lisa Cook renewed concerns over the Central Bank's independence," Bhansali added.</p><p>On the domestic equity market front, the Sensex tanked 508.16 points to 80,278.38 in early trade, while the Nifty was down 157.35 points to 24,554.70.</p><p>Foreign Institutional Investors offloaded equities worth Rs 6,516.49 crore on Tuesday, according to exchange data.</p>
<p>Mumbai: The rupee rose 10 paise to 87.59 against the US dollar in early trade on Thursday, supported by a weaker dollar index and easing Brent crude prices.</p><p>Besides, the Reserve Bank of India (RBI) stepped in to protect the local unit from crossing its all-time low, further supporting the local unit, according to forex traders.</p><p>However, FII outflows and weaker domestic equity markets prevented sharper gains in the local unit as an additional 25 per cent US tariffs on Indian products kicked in on Wednesday.</p> .<p>At the interbank foreign exchange, the rupee opened at 87.56 against the greenback before slipping to 87.59, registering a gain of 10 paise from its previous close.</p><p>The rupee depreciated 13 paise to close at 87.69 against the US dollar on Tuesday.</p><p>Equity and forex markets remained closed on Wednesday on account of Ganesh Chaturthi.</p> .<p>"The rupee opened higher as the Reserve Bank of India again protected the rupee from crossing its all-time low by selling dollars at 87.80 on Tuesday. Exporters are expected to sell dollars at 87.80 for hedging, while importers may buy the same on all dips for near-term imports payments," Anil Kumar Bhansali, Head of Treasury and Executive Director, Finrex Treasury Advisors LLP, said.</p><p>A range of 87-88 continues with a glimmer of chance of the rupee moving to 86.50 in the medium term, he said.</p><p>Brent crude, the global oil benchmark, was trading 0.76 per cent lower at USD 67.53 per barrel in futures trade.</p> .<p>"Brent oil prices fell in Asian trading on Thursday after US data showed a lower-than-expected drop in crude inventories, while investors weighed the impact of additional US tariffs against India," Bhansali said.</p><p>The dollar index, which gauges the greenback's strength against a basket of six currencies, fell 0.16 per cent to 98.07.</p><p>"The dollar index fell as US President Donald Trump's unprecedented move to fire FED Governor Lisa Cook renewed concerns over the Central Bank's independence," Bhansali added.</p><p>On the domestic equity market front, the Sensex tanked 508.16 points to 80,278.38 in early trade, while the Nifty was down 157.35 points to 24,554.70.</p><p>Foreign Institutional Investors offloaded equities worth Rs 6,516.49 crore on Tuesday, according to exchange data.</p>