Rupee Slides 21 Paise Against U.S. Dollar in Early Trade

The Indian rupee weakened by 21 paise to 94.97 against the U.S. dollar during early trading on Monday. The downward movement was primarily driven by the broad strength of the American currency in overseas markets.

Market participants noted that a favorable domestic market and decreasing crude oil prices helped limit further declines. Brent crude futures fell by 3.07 percent to trade at $109.95 per barrel.

On the domestic front, equity indices saw significant gains as foreign institutional investors turned net buyers. The Sensex climbed 764.72 points to reach 75,216.80, while the Nifty rose 201.40 points to 23,255.90 in early trade.