<p>Mumbai: The rupee appreciated 5 paise to 83.44 against the US dollar in early trade on Monday, as the American currency and crude oil prices retreated from their elevated levels.</p><p>Forex traders said foreign fund inflows also aided investors' sentiments and supported the rupee.</p><p>At the interbank foreign exchange market, the local unit opened at 83.45 and gained further to 83.44 against the greenback, registering a rise of 5 paise from its previous close.</p><p>On Friday, the rupee settled at 83.49 against the US dollar.</p><p>According to CR Forex Advisors MD Amit Pabari the <a href="https://www.deccanherald.com/tags/reserve-bank-of-india">Reserve Bank of India</a> (RBI) seems determined to prevent the rupee from depreciating below 83.70. Even with pressure from oil companies due to elevated oil prices.</p><p>"Overall, positive economic indicators such as a good growth rate, stable inflation, a reduced fiscal deficit, record-high RBI forex reserves, and a pipeline of inflows are all supportive factors that should ideally bolster the rupee," Pabari said, adding that given these factors, the rupee is expected to trade within a broad range of 83.20 to 83.70 levels.</p>.Budget expectation, earnings, to drive markets this week.<p>Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading at 104.86, lower by 0.01 per cent.</p><p>Brent crude futures, the global oil benchmark, declined 0.03 per cent to Rs 7,219.09 ($86.51) per barrel.</p><p>On the domestic equity market front, the 30-share BSE Sensex fell 174.57 points, or 0.22 per cent, to 79,822.03 points. The broader NSE Nifty declined 13.05 points, or 0.05 per cent, to 24,310.80 points.</p><p>Foreign Institutional Investors (FIIs) were net buyers in the capital markets on Friday, as they purchased shares worth Rs 1,241.33 crore, according to exchange data.</p><p>On the domestic macroeconomic front, India's forex reserves dropped Rs 14,292 crore ($1.713 billion) to Rs 54,40,262 crore ($651.997 billion) for the week ended June 28, the Reserve Bank of India (RBI) said on Friday.</p><p>In the previous reporting week, the overall kitty had dropped Rs 24,383 crore ($2.922 billion) to Rs 54,47,755 ($652.895 billion). The reserves had touched an all-time high of Rs 54,72,596 crore ($655.817 billion) on June 7 this year.</p>
<p>Mumbai: The rupee appreciated 5 paise to 83.44 against the US dollar in early trade on Monday, as the American currency and crude oil prices retreated from their elevated levels.</p><p>Forex traders said foreign fund inflows also aided investors' sentiments and supported the rupee.</p><p>At the interbank foreign exchange market, the local unit opened at 83.45 and gained further to 83.44 against the greenback, registering a rise of 5 paise from its previous close.</p><p>On Friday, the rupee settled at 83.49 against the US dollar.</p><p>According to CR Forex Advisors MD Amit Pabari the <a href="https://www.deccanherald.com/tags/reserve-bank-of-india">Reserve Bank of India</a> (RBI) seems determined to prevent the rupee from depreciating below 83.70. Even with pressure from oil companies due to elevated oil prices.</p><p>"Overall, positive economic indicators such as a good growth rate, stable inflation, a reduced fiscal deficit, record-high RBI forex reserves, and a pipeline of inflows are all supportive factors that should ideally bolster the rupee," Pabari said, adding that given these factors, the rupee is expected to trade within a broad range of 83.20 to 83.70 levels.</p>.Budget expectation, earnings, to drive markets this week.<p>Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading at 104.86, lower by 0.01 per cent.</p><p>Brent crude futures, the global oil benchmark, declined 0.03 per cent to Rs 7,219.09 ($86.51) per barrel.</p><p>On the domestic equity market front, the 30-share BSE Sensex fell 174.57 points, or 0.22 per cent, to 79,822.03 points. The broader NSE Nifty declined 13.05 points, or 0.05 per cent, to 24,310.80 points.</p><p>Foreign Institutional Investors (FIIs) were net buyers in the capital markets on Friday, as they purchased shares worth Rs 1,241.33 crore, according to exchange data.</p><p>On the domestic macroeconomic front, India's forex reserves dropped Rs 14,292 crore ($1.713 billion) to Rs 54,40,262 crore ($651.997 billion) for the week ended June 28, the Reserve Bank of India (RBI) said on Friday.</p><p>In the previous reporting week, the overall kitty had dropped Rs 24,383 crore ($2.922 billion) to Rs 54,47,755 ($652.895 billion). The reserves had touched an all-time high of Rs 54,72,596 crore ($655.817 billion) on June 7 this year.</p>