<p>Mumbai: The rupee appreciated 6 paise to 85.44 against the US dollar in early trade on Monday, supported by weakness of the American currency and easing crude oil prices amid rise in investor risk sentiments.</p><p>Forex traders said the US dollar index weakened in the overseas market and was trading at 97 level, while Brent oil declined to $67 a barrel on prospects of more OPEC+ supply in August and easing risks in the Middle East.</p><p>Moreover, the ceasefire between Iran and Israel brought much-needed relief to oil markets, cooling crude prices and reducing global demand for the safe-haven US dollar.</p><p>At the interbank foreign exchange, the domestic unit opened at 85.48 against the greenback. In initial trade, it witnessed a high of 85.44 against the American currency, registering a rise of 6 paise over its previous close.</p><p>On Friday, the rupee rose 22 paise to close at 85.50 against the greenback.</p><p>Forex traders said the trade tensions and aggressive geopolitical stance may trigger a classic risk-off response, lift the US dollar and weigh on sentiment in emerging markets.</p>.Agri concessions may delay India-US trade deal as Trump's July 8 deadline looms.<p>"US President Donald Trump reignited global uncertainty with a pair of high-stakes statements: the abrupt termination of trade talks with Canada and a renewed threat to bomb Iran. These announcements have once again unsettled risk sentiment," CR Forex Advisors MD – Amit Pabari said.</p><p>"While Trump’s remarks may stir short-term jitters, with all the uncertainty, USDINR may take support near 85.20–85.40 and bounce back towards 86 plus levels again," Pabari said.</p><p>Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, fell 0.15 per cent to 97.25.</p><p>Brent crude, the global oil benchmark, went down 0.18 per cent to $67.65 per barrel in futures trade.</p><p>Meanwhile, in the domestic equity market, Sensex declined 249.03 points or 0.30 per cent to 83,809.87, while Nifty fell 66.90 points or 0.26 per cent to 25,570.90.</p><p>Foreign institutional investors (FIIs) purchased equities worth Rs 1,397.02 crore on a net basis on Friday, according to exchange data.</p><p>Meanwhile, India's forex reserves dropped by $1.01 billion to $697.93 billion during the week ended June 20, the Reserve Bank of India said on Friday.</p><p>In the previous week, the reserves had jumped by $2.29 billion to $698.95 billion. Forex reserves had touched an all-time high of $704.885 billion in September 2024.</p>
<p>Mumbai: The rupee appreciated 6 paise to 85.44 against the US dollar in early trade on Monday, supported by weakness of the American currency and easing crude oil prices amid rise in investor risk sentiments.</p><p>Forex traders said the US dollar index weakened in the overseas market and was trading at 97 level, while Brent oil declined to $67 a barrel on prospects of more OPEC+ supply in August and easing risks in the Middle East.</p><p>Moreover, the ceasefire between Iran and Israel brought much-needed relief to oil markets, cooling crude prices and reducing global demand for the safe-haven US dollar.</p><p>At the interbank foreign exchange, the domestic unit opened at 85.48 against the greenback. In initial trade, it witnessed a high of 85.44 against the American currency, registering a rise of 6 paise over its previous close.</p><p>On Friday, the rupee rose 22 paise to close at 85.50 against the greenback.</p><p>Forex traders said the trade tensions and aggressive geopolitical stance may trigger a classic risk-off response, lift the US dollar and weigh on sentiment in emerging markets.</p>.Agri concessions may delay India-US trade deal as Trump's July 8 deadline looms.<p>"US President Donald Trump reignited global uncertainty with a pair of high-stakes statements: the abrupt termination of trade talks with Canada and a renewed threat to bomb Iran. These announcements have once again unsettled risk sentiment," CR Forex Advisors MD – Amit Pabari said.</p><p>"While Trump’s remarks may stir short-term jitters, with all the uncertainty, USDINR may take support near 85.20–85.40 and bounce back towards 86 plus levels again," Pabari said.</p><p>Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, fell 0.15 per cent to 97.25.</p><p>Brent crude, the global oil benchmark, went down 0.18 per cent to $67.65 per barrel in futures trade.</p><p>Meanwhile, in the domestic equity market, Sensex declined 249.03 points or 0.30 per cent to 83,809.87, while Nifty fell 66.90 points or 0.26 per cent to 25,570.90.</p><p>Foreign institutional investors (FIIs) purchased equities worth Rs 1,397.02 crore on a net basis on Friday, according to exchange data.</p><p>Meanwhile, India's forex reserves dropped by $1.01 billion to $697.93 billion during the week ended June 20, the Reserve Bank of India said on Friday.</p><p>In the previous week, the reserves had jumped by $2.29 billion to $698.95 billion. Forex reserves had touched an all-time high of $704.885 billion in September 2024.</p>