NEW DELHI: The Indian rupee opened at 89.45 against the US dollar on Monday. It traded in a narrow range as gains from strong domestic equities were offset by rising crude oil prices, persistent foreign fund outflows and robust dollar demand from importers.The dollar index, which measures the greenback’s strength against a basket of six major currencies, was 0.02% lower at 99.44.Meanwhile, Brent crude, the global oil benchmark, rose 1.57% to USD 63.35 per barrel in futures trade, adding pressure on the rupee.Forex analysts said that if India–US trade relations improve even slightly, the rupee could strengthen toward the upper end of its current range.“In the near term, USD/INR is likely to move within the 88.90–89.80 range, with 88.80–89.00 acting as strong support,” said Amit Pabari, MD of CR Forex Advisors. He added that a clear break below 88.80 would indicate a more sustained strengthening of the rupee.On the domestic equity front, strong buying lifted benchmarks to new highs. The Sensex was trading 315.87 points (0.37%) to 86,022.54. and the Nifty gaining 82.55 points (0.32%) to 26,287.20.
