Overview
- The rupee ended at 88.66 per USD, a 4‑paise gain on the day, after recovering from an intraday low of 88.75.
- Late-session strength followed a rebound in domestic equities, with reports also pointing to supportive sentiment from the ruling alliance’s mandate in Bihar.
- Recurring headwinds persisted from foreign fund outflows and continuous dollar buying by importers, including oil companies.
- Analysts cited RBI dollar sales in the onshore market to limit volatility, as official data showed forex reserves fell $2.7 billion to $687.73 billion for the week ended Nov 7.
- Globally, the dollar index softened near 99.11 as markets awaited delayed U.S. data following the government reopening, while Pakistan reported a $22 million rise in SBP reserves and higher local gold prices.