<p>Mumbai: Rupee rose 7 paise to 85.46 against the US dollar in early trade on Thursday, supported by a weak American currency, a drop in global crude oil prices, and a positive opening in the domestic equity markets.</p><p>However, FII outflows capped further gains in the local unit, according to forex traders.</p><p>At the interbank foreign exchange, the rupee opened at 85.43 against the greenback before falling to 85.46, up 7 paise from its previous close. The rupee had settled at 85.53 against the US dollar on Wednesday.</p>.RBI sends conflicting signals with surprise moves. <p>"The rupee, which gained on Wednesday, opened higher as dollar index fell yesterday and was lower on Thursday, though Asian currencies were still range-bound. The range for the rupee is 85.25-75 as dips to the dollar get bought," Anil Kumar Bhansali, Head of Treasury and Executive Director, Finrex Treasury Advisors LLP, said.</p><p>"Importers may buy for short-term hedging near 85.25 while exporters need to wait for proper levels above 85.75 to hedge," he said.</p><p>Investors will watch out for CPI data later on Thursday, which could determine the range for the local unit, forex traders said.</p><p>Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, dipped 0.07 per cent to 99.02.</p><p>"The dollar slided on Thursday on further signs that the US president may adopt a softer stance in tariff negotiations and heightened expectations of FED Reserve rate cuts after a softer CPI inflation data yesterday (Wednesday). Trump also said he is willing to extend the July 9 deadline for completing trade talks with countries before higher US tariffs are imposed," he said.</p>.Markets trade lower after modest early gains on sluggish global peers, tensions in Middle East. <p>In the domestic equity market, the 30-share BSE Sensex rose 108.02 points to 82,623.16 in early trade, while Nifty was up 38.7 points to 25,180.10.</p><p>Brent crude, the global oil benchmark, dropped 0.09 per cent to $66.81 per barrel in the futures trade.</p><p>Foreign institutional investors (FIIs) offloaded equities worth Rs 446.31 crore on a net basis on Wednesday, according to exchange data.</p>
<p>Mumbai: Rupee rose 7 paise to 85.46 against the US dollar in early trade on Thursday, supported by a weak American currency, a drop in global crude oil prices, and a positive opening in the domestic equity markets.</p><p>However, FII outflows capped further gains in the local unit, according to forex traders.</p><p>At the interbank foreign exchange, the rupee opened at 85.43 against the greenback before falling to 85.46, up 7 paise from its previous close. The rupee had settled at 85.53 against the US dollar on Wednesday.</p>.RBI sends conflicting signals with surprise moves. <p>"The rupee, which gained on Wednesday, opened higher as dollar index fell yesterday and was lower on Thursday, though Asian currencies were still range-bound. The range for the rupee is 85.25-75 as dips to the dollar get bought," Anil Kumar Bhansali, Head of Treasury and Executive Director, Finrex Treasury Advisors LLP, said.</p><p>"Importers may buy for short-term hedging near 85.25 while exporters need to wait for proper levels above 85.75 to hedge," he said.</p><p>Investors will watch out for CPI data later on Thursday, which could determine the range for the local unit, forex traders said.</p><p>Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, dipped 0.07 per cent to 99.02.</p><p>"The dollar slided on Thursday on further signs that the US president may adopt a softer stance in tariff negotiations and heightened expectations of FED Reserve rate cuts after a softer CPI inflation data yesterday (Wednesday). Trump also said he is willing to extend the July 9 deadline for completing trade talks with countries before higher US tariffs are imposed," he said.</p>.Markets trade lower after modest early gains on sluggish global peers, tensions in Middle East. <p>In the domestic equity market, the 30-share BSE Sensex rose 108.02 points to 82,623.16 in early trade, while Nifty was up 38.7 points to 25,180.10.</p><p>Brent crude, the global oil benchmark, dropped 0.09 per cent to $66.81 per barrel in the futures trade.</p><p>Foreign institutional investors (FIIs) offloaded equities worth Rs 446.31 crore on a net basis on Wednesday, according to exchange data.</p>