Indian rupee strengthens against US dollar in early trade on Monday
The Indian rupee strengthened against the US dollar in early trade on Monday, despite elevated Brent crude oil prices and a firm US dollar overseas following renewed geopolitical tensions and tit-for-tat attacks between the United States and Iran over the Strait of Hormuz. Rupee sentiment is buoyed by rising foreign fund inflows and a steady gain in India's forex reserves. Foreign institutional investors (FIIs) bought equities worth $383.76 crore on a net basis on Thursday, exchange data showed. India's forex reserves increased by $963 million to $672.587 billion during the week ended June 19, the RBI said. Market participants are awaiting a slate of domestic economic data, including India's May industrial output on Monday, the Manufacturing PMI on Wednesday, and the Services PMI on Friday, for further insights into domestic economic activity. In addition, attention will be on the US June nonfarm payrolls report due on Thursday, for fresh clues on labor market strength and the Federal Reserve's policy path. Indian stock, currency, and commodities markets were shut on Friday on account of M
