<p>Mumbai:The rupee gained 11 paise to 91.57 against the US dollar in early trade on Wednesday, supported by a retreating dollar index and the landmark India-EU trade deal.</p>.<p>Forex traders said the rupee opened higher as the US dollar index softened and a long-awaited trade breakthrough with Europe offered quiet reassurance.</p>.<p>At the interbank foreign exchange market, the rupee opened at 91.60 against the US dollar, then gained some ground to 91.57, registering a gain of 11 paise over its previous close.</p>.Rupee recovers 19 paise from all-time low to close at 91.71 against US dollar.<p>On Tuesday, the rupee rebounded from its all-time low levels and gained 22 paise to close at 91.68 (provisional) against the US dollar.</p>.<p>In the initial trade, it also touched 91.66 against the American currency.</p>.<p>"The 92.00 level remains the key near-term pivot for USD/INR. A sustained move above this zone could open the way toward the 92.20–92.50 range," CR Forex Advisors MD Amit Pabari said.</p>.<p>Pabari further added that continued RBI presence in the market, combined with a softer dollar backdrop, may help stabilise the pair and gradually pull it back toward the 90.80–91.00 zone in the near term.</p>.<p>Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.13 per cent lower at 96.09.</p>.<p>Brent crude, the global oil benchmark, was trading 0.53 per cent higher at USD 67.93 per barrel in futures trade.</p>.<p>On the domestic equity market front, the 30-share benchmark index Sensex jumped 646.49 points to 82,503.97 in early trade, while the Nifty surged 196.7 points to 25,372.10.</p>.Rupee hits all-time low of 92 per USD; settles at 91.90 against US dollar.<p>Foreign Institutional Investors offloaded equities worth Rs 3,068.49 crore on Tuesday, according to exchange data.</p>.<p>Meanwhile, India and the European Union on Tuesday announced the conclusion of negotiations for the free trade agreement (FTA), under which a number of domestic sectors such as apparel, chemicals and footwear will get duty-free entry into the 27-nation bloc, while the EU will get access to the Indian market at concessional duty for cars and wines, an official said.</p>.<p>The deal has been dubbed the "mother of all deals" as it will create a market of about 2 billion people.</p>.<p>"This agreement follows recent trade pacts with Britain, New Zealand, and Oman. While challenges remain - especially with high US tariffs on Indian exports - the EU deal sends a strong signal of India's growing role in global trade," Pabari added. </p>
<p>Mumbai:The rupee gained 11 paise to 91.57 against the US dollar in early trade on Wednesday, supported by a retreating dollar index and the landmark India-EU trade deal.</p>.<p>Forex traders said the rupee opened higher as the US dollar index softened and a long-awaited trade breakthrough with Europe offered quiet reassurance.</p>.<p>At the interbank foreign exchange market, the rupee opened at 91.60 against the US dollar, then gained some ground to 91.57, registering a gain of 11 paise over its previous close.</p>.Rupee recovers 19 paise from all-time low to close at 91.71 against US dollar.<p>On Tuesday, the rupee rebounded from its all-time low levels and gained 22 paise to close at 91.68 (provisional) against the US dollar.</p>.<p>In the initial trade, it also touched 91.66 against the American currency.</p>.<p>"The 92.00 level remains the key near-term pivot for USD/INR. A sustained move above this zone could open the way toward the 92.20–92.50 range," CR Forex Advisors MD Amit Pabari said.</p>.<p>Pabari further added that continued RBI presence in the market, combined with a softer dollar backdrop, may help stabilise the pair and gradually pull it back toward the 90.80–91.00 zone in the near term.</p>.<p>Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.13 per cent lower at 96.09.</p>.<p>Brent crude, the global oil benchmark, was trading 0.53 per cent higher at USD 67.93 per barrel in futures trade.</p>.<p>On the domestic equity market front, the 30-share benchmark index Sensex jumped 646.49 points to 82,503.97 in early trade, while the Nifty surged 196.7 points to 25,372.10.</p>.Rupee hits all-time low of 92 per USD; settles at 91.90 against US dollar.<p>Foreign Institutional Investors offloaded equities worth Rs 3,068.49 crore on Tuesday, according to exchange data.</p>.<p>Meanwhile, India and the European Union on Tuesday announced the conclusion of negotiations for the free trade agreement (FTA), under which a number of domestic sectors such as apparel, chemicals and footwear will get duty-free entry into the 27-nation bloc, while the EU will get access to the Indian market at concessional duty for cars and wines, an official said.</p>.<p>The deal has been dubbed the "mother of all deals" as it will create a market of about 2 billion people.</p>.<p>"This agreement follows recent trade pacts with Britain, New Zealand, and Oman. While challenges remain - especially with high US tariffs on Indian exports - the EU deal sends a strong signal of India's growing role in global trade," Pabari added. </p>