Rupee holds steady at 89.45 as markets balance gains and global pressures
The rupee opened Monday at 89.45 against the US dollar, staying mostly flat as strong gains in Indian stocks were balanced out by rising crude oil prices and continued foreign fund outflows.
The dollar index slipped just a bit, while Brent crude jumped to $63.35 per barrel, making things trickier for the rupee.
What's next? Experts see room for rupee to strengthen
Analysts say improving India-US trade ties could help the rupee strengthen toward 88.90 in coming days.
Amit Pabari of CR Forex Advisors expects it to hover between 88.90 and 89.80, adding that if it dips below 88.80, we might see even more gains for the rupee.
Stock market vibes: Investors stay upbeat
On the bright side, investor confidence is up—Sensex climbed over 300 points and Nifty gained more than 80 points on Monday, showing faith in India's economy even with global uncertainties swirling around currency markets.