The Indian rupee opened at 94.90 before slipping further against the US dollar following Friday's close of 94.76. Downward momentum occurred alongside a 0.07 percent uptick in the dollar index, even as Brent crude dropped 3.07 percent to USD 109.95 per barrel. Strong domestic equity sentiment helped limit losses, bolstered by Foreign Institutional Investors net purchasing Rs 3,598.54 crore of equities on Friday. Kotak NEO's Anindya Banerjee projects the exchange pair will trade between 94.40 and 95.60.
Key points
Softening global crude prices helped prevent deeper losses for the Indian currency.: Softening global crude prices helped prevent deeper losses for the Indian currency.
Reserve Bank market operations and substantial reserves continue to contain foreign excha…: Reserve Bank market operations and substantial reserves continue to contain foreign exchange volatility.
Institutional investor equity inflows provided critical support against the firming US do…: Institutional investor equity inflows provided critical support against the firming US dollar index.
Sources checked by our analysis pipeline: 1
Forex traders said a positive domestic market and softening of crude oil prices cushioned the downside.
At the interbank foreign exchange market, the rupee opened at 94.90, then fell to 94.97 against the US dollar, registering a fall of 21 paise from its previous close.
On Friday, the rupee had settled at 94.76 against the American currency.
"USDINR is likely to trade within 94.40-95.60 after ending October near 94.95. RBI measures and market operations have helped contain volatility, supported by reserves of around USD 720 billion," said Anindya Banerjee, Head of Commodity and Currency Research, Kotak NEO.
Banerjee further noted that softer crude would help the rupee; renewed oil strength would push USDINR towards the upper end.
Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading at 101.94, higher by 0.07 per cent.
Brent crude, the global oil benchmark, was trading lower by 3.07 per cent at USD 109.95 per barrel in futures trade.
The RBI data released on Friday showed India's forex reserves dropped by USD 1.269 billion to USD 719.748…
Market participants in Tokyo experienced a downturn as selling pressure emerged before the session ended. The benchmark index faced headwinds that dragged overall valuations into negative territory by the final bell. The decline highlights persistent caution among traders navigating the regional equities landscape.
Strong commercial vehicle demand and reliable exports propelled the Kolkata-headquartered manufacturer back into profitability during the September quarter. Strategic diversification into non-ferrous components and railway infrastructure projects is expected to unlock high-margin opportunities across advanced industries. Investors are closely monitoring key technical thresholds that could signal continued upward price momentum.
Market authorities are attempting to reverse massive capital outflows that have depressed domestic equities and weighed heavily on the currency. By pitching tax relief ahead of the February federal budget, regulators aim to lower transaction burdens that currently exceed those of competing jurisdictions. These policy shifts could lift returns and restore competitiveness against emerging market peers.