Overview
- The rupee opened at 88.79 and firmed to 88.67 on November 11 before hovering near 88.71 in a narrow range.
- The currency had closed at 88.73 on November 10 after an 8-paise dip, pressured by costlier Brent crude near USD 64 per barrel.
- Traders cited a softer dollar index in the high-99s and progress on a US shutdown bill as near-term support for the rupee.
- Analysts flagged the Reserve Bank of India’s defense around 88.80, with resistance seen at 88.80–89.00 and support near 88.40.
- Domestic equities ended higher on Monday even as foreign investors sold Rs 4,114.85 crore of shares, and forex reserves fell USD 5.623 billion for the week ended October 31.