Overview

• The rupee touched 87.95 in early trade after weaker U.S. jobs data lifted risk appetite and domestic equities opened higher.
• It later settled around 88.10 against the dollar, giving up gains on renewed trade-policy concerns and foreign selling after record lows last week.
• Foreign institutional investors sold ₹2,170.35 crore of equities on Monday, adding pressure on the currency, exchange data showed.
• Traders reported state-backed dollar selling in recent sessions to restrain depreciation, with offers cited to keep moves in check beyond 88.30.
• Market focus shifts to U.S. CPI this week and the Federal Reserve’s September decision, which are expected to guide the dollar and rupee direction.