<p>Mumbai: The rupee appreciated 25 paise to 86.80 against the US dollar in early trade on Monday, as domestic equities opened on a higher note and Asian currencies continued to remain on the stronger side.</p><p>Forex traders said the rupee could extend its gains in the near-term, as the dovish Fed expectation has pressured the greenback, further aiding the rupee’s recovery.</p><p>However, global risk sentiment and oil price movements will play a crucial role in determining the next leg of the rupee's trajectory.</p><p>At the interbank foreign exchange, the rupee opened at 86.90 against the greenback, then gained some ground and touched 86.80 against the greenback, up 25 paise from its previous close.</p><p>On Thursday, the rupee surged 17 paise to settle at 87.05 against the US dollar.</p>.Markets rally in early trade tracking sharp gains in global peers, buying in bank stocks.<p>Forex, stock markets were closed on Friday on the occasion of Holi festival.</p><p>"The USD/INR pair is expected to trade within the 86.80-87.40 range in the near to medium-term. A breakout beyond this band could trigger an additional move of 30-50 paise in the same direction, keeping market participants on high alert for potential volatility," CR Forex Advisors MD Amit Pabari said.</p><p>Market participants will also keep a close watch on the RBI’s stance, as potential intervention could impact the rupee movement.</p><p>Meanwhile, the US dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.01 per cent lower at 103.70.</p><p>Brent crude, the global oil benchmark, was trading 0.71 per cent higher at $71.08 per barrel in futures trade.</p><p>In the domestic equity market, the 30-share BSE Sensex was trading 405.89 points, or 0.55 per cent, higher at 74,234.80 points, while the Nifty was up 153.65 points, or 0.69 per cent, at 22,550.85 points.</p><p>Foreign institutional investors (FIIs) offloaded equities worth Rs 792.90 crore on net basis on Thursday, according to exchange data.</p><p>Meanwhile, the country's foreign exchange reserves increased by $15.267 billion to $653.966 billion during the week ended March 7, according to the RBI.</p><p>The overall reserves had dropped by $1.781 billion to $ 638.698 billion in the previous week.</p><p>The reserves had been on a declining trend recently due to revaluation along with forex market interventions by RBI to help reduce volatilities in the rupee.</p>
<p>Mumbai: The rupee appreciated 25 paise to 86.80 against the US dollar in early trade on Monday, as domestic equities opened on a higher note and Asian currencies continued to remain on the stronger side.</p><p>Forex traders said the rupee could extend its gains in the near-term, as the dovish Fed expectation has pressured the greenback, further aiding the rupee’s recovery.</p><p>However, global risk sentiment and oil price movements will play a crucial role in determining the next leg of the rupee's trajectory.</p><p>At the interbank foreign exchange, the rupee opened at 86.90 against the greenback, then gained some ground and touched 86.80 against the greenback, up 25 paise from its previous close.</p><p>On Thursday, the rupee surged 17 paise to settle at 87.05 against the US dollar.</p>.Markets rally in early trade tracking sharp gains in global peers, buying in bank stocks.<p>Forex, stock markets were closed on Friday on the occasion of Holi festival.</p><p>"The USD/INR pair is expected to trade within the 86.80-87.40 range in the near to medium-term. A breakout beyond this band could trigger an additional move of 30-50 paise in the same direction, keeping market participants on high alert for potential volatility," CR Forex Advisors MD Amit Pabari said.</p><p>Market participants will also keep a close watch on the RBI’s stance, as potential intervention could impact the rupee movement.</p><p>Meanwhile, the US dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.01 per cent lower at 103.70.</p><p>Brent crude, the global oil benchmark, was trading 0.71 per cent higher at $71.08 per barrel in futures trade.</p><p>In the domestic equity market, the 30-share BSE Sensex was trading 405.89 points, or 0.55 per cent, higher at 74,234.80 points, while the Nifty was up 153.65 points, or 0.69 per cent, at 22,550.85 points.</p><p>Foreign institutional investors (FIIs) offloaded equities worth Rs 792.90 crore on net basis on Thursday, according to exchange data.</p><p>Meanwhile, the country's foreign exchange reserves increased by $15.267 billion to $653.966 billion during the week ended March 7, according to the RBI.</p><p>The overall reserves had dropped by $1.781 billion to $ 638.698 billion in the previous week.</p><p>The reserves had been on a declining trend recently due to revaluation along with forex market interventions by RBI to help reduce volatilities in the rupee.</p>