<p>Mumbai: The rupee gained 9 paise to 88.51 against the US dollar in early trade on Wednesday, supported by lower crude oil prices even as volatile equity markets across the globe weighed on investor sentiment.</p>.<p>The rupee also faced pressure due to a strong American currency as well as withdrawal of foreign capital from domestic stock markets, forex traders said.</p>.<p>At the same time, investors were concerned about the progress on the proposed India-US trade deal and the domestic PMI data to be released later this week.</p>.<p>At the interbank foreign exchange market, the rupee opened at 88.57 and gained further to trade at 88.51 against the greenback in initial deals, up 9 paise from its previous closing level.</p>.<p>On Tuesday, the rupee settled 1 paisa lower at 88.60 against the US dollar.</p>.<p>Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.04 per cent higher at 99.49.</p>.<p>Brent crude, the global oil benchmark, declined 0.34 per cent to USD 64.67 per barrel in futures trade.</p>.<p>On the domestic equity market front, Sensex declined 46.27 points, or 0.05 per cent, to 84,626.75 in early trade, while the Nifty slipped 8.35 points, or 0.03 per cent, to 25,901.70.</p>.<p>Foreign institutional investors sold equities worth Rs 728.82 crore on Tuesday, according to exchange data.</p>.<p>Commerce and Industry Minister Piyush Goyal on Tuesday said "you will hear a good news" on the proposed trade pact between India and the US once the deal is fair, equitable and balanced.</p>.<p>The remarks came days after US President Donald Trump stated that the US is "pretty close" to reaching a "fair trade deal" with India, and added that he will lower tariffs imposed on Indian goods at "some point".</p>
<p>Mumbai: The rupee gained 9 paise to 88.51 against the US dollar in early trade on Wednesday, supported by lower crude oil prices even as volatile equity markets across the globe weighed on investor sentiment.</p>.<p>The rupee also faced pressure due to a strong American currency as well as withdrawal of foreign capital from domestic stock markets, forex traders said.</p>.<p>At the same time, investors were concerned about the progress on the proposed India-US trade deal and the domestic PMI data to be released later this week.</p>.<p>At the interbank foreign exchange market, the rupee opened at 88.57 and gained further to trade at 88.51 against the greenback in initial deals, up 9 paise from its previous closing level.</p>.<p>On Tuesday, the rupee settled 1 paisa lower at 88.60 against the US dollar.</p>.<p>Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.04 per cent higher at 99.49.</p>.<p>Brent crude, the global oil benchmark, declined 0.34 per cent to USD 64.67 per barrel in futures trade.</p>.<p>On the domestic equity market front, Sensex declined 46.27 points, or 0.05 per cent, to 84,626.75 in early trade, while the Nifty slipped 8.35 points, or 0.03 per cent, to 25,901.70.</p>.<p>Foreign institutional investors sold equities worth Rs 728.82 crore on Tuesday, according to exchange data.</p>.<p>Commerce and Industry Minister Piyush Goyal on Tuesday said "you will hear a good news" on the proposed trade pact between India and the US once the deal is fair, equitable and balanced.</p>.<p>The remarks came days after US President Donald Trump stated that the US is "pretty close" to reaching a "fair trade deal" with India, and added that he will lower tariffs imposed on Indian goods at "some point".</p>