Mumbai, Nov 9 (PTI) The rupee appreciated 24 paise to 93.74 against the US dollar in early trade on Monday, supported by lower crude prices, improving foreign flows and hopes of de-escalation in the Middle East. Forex traders said the overall outlook for the rupee remains positive as any progress towards peace in the Middle East reduces the risk premium in crude oil and provides further support to the rupee. Over the weekend, encouraging news came from the Middle East, as President Donald Trump indicated that fresh military strikes against Iran are highly unlikely if negotiations make progress and both sides reach a strong agreement. In the interbank foreign exchange market, the rupee opened at around 93.85, then gained ground to touch 93.74, up 24 paise from its previous session’s closing level. On Friday, the rupee surged 43 paise to close at 93.98 against the US dollar. “The improvement in diplomatic expectations is already reflecting in energy prices. Brent crude, which had climbed to around USD 117.64, has now slipped below USD 100 and is trading near USD 98. For currency markets, even the possibility of a lasting agreement is important," CR Forex Advisors MD Amit Pabari said. Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading at 102.18, lower by 0.12 per cent. Brent crude, the global oil benchmark, was trading 0.15 per cent lower at USD 98.17 per barrel in futures trade. Foreign institutional investors (FIIs) purchased equities worth Rs 13,749.82 crore on Friday, according to exchange data. In early trading on Monday, the Sensex fell 93.95 points to 80,919.19, while the Nifty dipped 30 points to 24,968.80. “With USD/INR breaking below the 94.00 mark, the probability of further rupee appreciation towards 93.50 and 93.00 has increased. On the upside, 94.40–94.50 is likely to act as the immediate resistance zone," Pabari said. Meanwhile, India’s forex reserves dropped USD 2.691 billion to USD 717.056 billion during the week ended October 30, the RBI said on Friday. PTI DRR DR The rupee appreciated 24 paise to 93.74 against the US dollar, supported by lower crude prices, improving foreign flows, and hopes of a de-escalation in the Middle East. Brent crude traded 0.15 percent lower at USD 98.17 per barrel in futures trade, while the dollar index was down by 0.12 percent at 102.18. India's forex reserves dropped by USD 2.691 billion to settle at USD 717.056 billion during the week ended October 30.
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