<p>Mumbai: The rupee plunged 43 paise to close at 88.26 (provisional) against the US dollar on Monday, as broad strength in crude oil prices and month-end dollar demand from importers weighed on investor sentiment.</p>.<p>Forex traders said the rally in crude oil prices was driven by a potential US-China trade deal, which supports expectations for a stronger global oil demand.</p>.<p>At the interbank foreign exchange, the rupee opened at 87.87 against the greenback and fell to an intra-day low of 88.31 and a high of 87.86. It finally closed the day at 88.26 (provisional) against the greenback, down 43 paise from its previous close.</p>.Stock markets cut short 6-day rally, Sensex falls 344 points amid profit-taking, foreign fund outflows.<p>On Friday, the rupee appreciated 5 paise to close at 87.83 against the US dollar.</p>.<p>Traders continue to watch developments around trade negotiations and geopolitical events for further cues.</p>.<p>"We expect the rupee to trade with a positive bias on improved domestic market sentiments amid optimism over the trade deal and strong domestic equities. Easing geopolitical tensions may also support the rupee.</p>.<p>"However, month-end dollar demand from importers and a surge in global crude oil prices may cap sharp upside. USDINR spot price is expected to trade in a range of 87.80 to 88.50," said Anuj Choudhary, Research Analyst, Currency and Commodities, Mirae Asset ShareKhan.</p>.<p>Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.08 per cent lower at 98.86.</p>.<p>Brent crude, the global oil benchmark, was trading 0.85 per cent lower at USD 65.39 per barrel in futures trading.</p>.<p>On the domestic equity market front, the Sensex jumped 566.96 points to settle at 84,778.84, while the Nifty climbed 170.90 points to 25,966.05.</p>.<p>Foreign Institutional Investors purchased equities worth Rs 621.51 crore on Friday, according to exchange data.</p>.<p>Meanwhile, India's forex reserves increased by USD 4.496 billion to USD 702.28 billion during the week ended October 17, as the value of gold reserves rose further, the RBI said on Friday.</p>.<p>In the previous week, the overall reserves had jumped by USD 2.176 billion to USD 697.784 billion. </p>
<p>Mumbai: The rupee plunged 43 paise to close at 88.26 (provisional) against the US dollar on Monday, as broad strength in crude oil prices and month-end dollar demand from importers weighed on investor sentiment.</p>.<p>Forex traders said the rally in crude oil prices was driven by a potential US-China trade deal, which supports expectations for a stronger global oil demand.</p>.<p>At the interbank foreign exchange, the rupee opened at 87.87 against the greenback and fell to an intra-day low of 88.31 and a high of 87.86. It finally closed the day at 88.26 (provisional) against the greenback, down 43 paise from its previous close.</p>.Stock markets cut short 6-day rally, Sensex falls 344 points amid profit-taking, foreign fund outflows.<p>On Friday, the rupee appreciated 5 paise to close at 87.83 against the US dollar.</p>.<p>Traders continue to watch developments around trade negotiations and geopolitical events for further cues.</p>.<p>"We expect the rupee to trade with a positive bias on improved domestic market sentiments amid optimism over the trade deal and strong domestic equities. Easing geopolitical tensions may also support the rupee.</p>.<p>"However, month-end dollar demand from importers and a surge in global crude oil prices may cap sharp upside. USDINR spot price is expected to trade in a range of 87.80 to 88.50," said Anuj Choudhary, Research Analyst, Currency and Commodities, Mirae Asset ShareKhan.</p>.<p>Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.08 per cent lower at 98.86.</p>.<p>Brent crude, the global oil benchmark, was trading 0.85 per cent lower at USD 65.39 per barrel in futures trading.</p>.<p>On the domestic equity market front, the Sensex jumped 566.96 points to settle at 84,778.84, while the Nifty climbed 170.90 points to 25,966.05.</p>.<p>Foreign Institutional Investors purchased equities worth Rs 621.51 crore on Friday, according to exchange data.</p>.<p>Meanwhile, India's forex reserves increased by USD 4.496 billion to USD 702.28 billion during the week ended October 17, as the value of gold reserves rose further, the RBI said on Friday.</p>.<p>In the previous week, the overall reserves had jumped by USD 2.176 billion to USD 697.784 billion. </p>