<p>Mumbai: The rupee appreciated 16 paise to settle at 88.57 (provisional) against the US dollar on Tuesday, amid progress on the US shutdown bill and optimism over the US-India trade deal.</p>.<p>Forex traders said a rebound in domestic equities and optimism over a nearing US trade deal supported the local unit.</p>.<p>However, elevated crude oil prices and foreign fund outflows weighed on investor sentiment.</p>.<p>At the interbank foreign exchange market, the rupee opened at 88.69 against the American currency, touched an intraday high of 88.52 and a low of 88.72 during the day.</p>.<p>The domestic unit finally settled for the day at 88.57 (provisional), higher by 16 paise from its previous close.</p>.<p>On Monday, the rupee had settled at 88.73 against the greenback.</p>.<p>"The rupee gained on Tuesday, on a rise in risk appetite in global markets and a weak dollar," Anuj Choudhary, Research Analyst, Mirae Asset ShareKhan, said, adding that expectations of the end of the US government shutdown boosted global market sentiments.</p>.<p>Choudhary further noted that the rupee is expected to trade with a slight positive bias on rising global markets and weakness in the US dollar.</p>.<p>"However, elevated crude oil prices and importer demand for dollars may cap the upside. Markets may remain volatile as the US government shutdown nears an end. USD-INR spot price is expected to trade in a range of 88.30 to 88.80," he said.</p>.<p>Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, rose 0.03 per cent to 99.61.</p>.<p>Brent crude, the global oil benchmark, rose 0.34 per cent to $64.28 per barrel in futures trading.</p>.<p>On the global front, US President Donald Trump has said that the US is "pretty close" to reaching a "fair trade deal" with India, adding that he will lower the tariffs imposed on New Delhi "at some point".</p>.<p>"We're making a deal with India, a much different deal than we had in the past. So right now, they don't love me, but they'll love us again," Trump said on Monday.</p>.<p>Moreover, top Trump aide Sergio Gor was sworn in as the US Ambassador to India, with President Donald Trump calling the post a "big deal" and underscoring that he is entrusting the new envoy to help strengthen one of Washington's "most important international relationships".</p>.<p>On the domestic equity markets front, Sensex jumped 335.97 points to settle at 83,871.32, while the Nifty climbed 120.60 points to 25,694.95.</p>.<p>Foreign Institutional Investors offloaded equities worth Rs 4,114.85 crore on Monday, according to exchange data. </p>
<p>Mumbai: The rupee appreciated 16 paise to settle at 88.57 (provisional) against the US dollar on Tuesday, amid progress on the US shutdown bill and optimism over the US-India trade deal.</p>.<p>Forex traders said a rebound in domestic equities and optimism over a nearing US trade deal supported the local unit.</p>.<p>However, elevated crude oil prices and foreign fund outflows weighed on investor sentiment.</p>.<p>At the interbank foreign exchange market, the rupee opened at 88.69 against the American currency, touched an intraday high of 88.52 and a low of 88.72 during the day.</p>.<p>The domestic unit finally settled for the day at 88.57 (provisional), higher by 16 paise from its previous close.</p>.<p>On Monday, the rupee had settled at 88.73 against the greenback.</p>.<p>"The rupee gained on Tuesday, on a rise in risk appetite in global markets and a weak dollar," Anuj Choudhary, Research Analyst, Mirae Asset ShareKhan, said, adding that expectations of the end of the US government shutdown boosted global market sentiments.</p>.<p>Choudhary further noted that the rupee is expected to trade with a slight positive bias on rising global markets and weakness in the US dollar.</p>.<p>"However, elevated crude oil prices and importer demand for dollars may cap the upside. Markets may remain volatile as the US government shutdown nears an end. USD-INR spot price is expected to trade in a range of 88.30 to 88.80," he said.</p>.<p>Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, rose 0.03 per cent to 99.61.</p>.<p>Brent crude, the global oil benchmark, rose 0.34 per cent to $64.28 per barrel in futures trading.</p>.<p>On the global front, US President Donald Trump has said that the US is "pretty close" to reaching a "fair trade deal" with India, adding that he will lower the tariffs imposed on New Delhi "at some point".</p>.<p>"We're making a deal with India, a much different deal than we had in the past. So right now, they don't love me, but they'll love us again," Trump said on Monday.</p>.<p>Moreover, top Trump aide Sergio Gor was sworn in as the US Ambassador to India, with President Donald Trump calling the post a "big deal" and underscoring that he is entrusting the new envoy to help strengthen one of Washington's "most important international relationships".</p>.<p>On the domestic equity markets front, Sensex jumped 335.97 points to settle at 83,871.32, while the Nifty climbed 120.60 points to 25,694.95.</p>.<p>Foreign Institutional Investors offloaded equities worth Rs 4,114.85 crore on Monday, according to exchange data. </p>