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Rupee edges higher ahead of Fed-driven week; opens higher at 86.47/$
The domestic currency opened 4 paise higher near the one-month low mark of 86.47 against the dollar on Monday, according to Bloomberg. The local unit has depreciated 0.83 per cent so far this month and 1.01 per cent in this calendar year so far.
The Indian rupee is expected to remain steady around 86.47 after the European deal, though India remains distant from a conclusive agreement, analysts said.
Sentiments in the global equity market eased after the European Union (EU) signed a trade deal with the US that subjects most of the bloc's exports to 15 per cent tariffs, just ahead of this week's deadline. Meanwhile, the dollar index, a measure of the greenback against a basket of six major currencies, was down 0.12 per cent at 97.62.
The market sentiment remains cautious amid upcoming global events and the August 1 tariff deadline set by US President Donald Trump, Bhansali said. "Exporters may consider selling near 86.60, while importers can look to buy around 86.40 today."
Foreign portfolio investors (FPIs) have been pulling out, keeping the dollar well bid, with further rupee weakness likely to accelerate outflows. Global funds have been net sellers for five consecutive sessions with a net outflow of ₹1,979.96 crore on Friday. ALSO READ:
The upcoming week will be a Fed-dominated one with key global events including the US Federal Reserve's FOMC rate decision, GDP data, and ADP Employment Change and Initial Jobless Claims lined up.
In commodities, crude oil prices edged up from three-week lows in Asian trading after the EU and US reached a trade agreement. Brent crude price was up 0.41 per cent at 68.72 per barrel, while WTI crude prices were higher by 0.35 per cent at 65.39, as of 8:55 AM IST.
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