Rupee Gains 11 Paise Against US Dollar Amidst Softening Dollar Index, India-EU Trade Deal

• The Indian rupee strengthened by 11 paise to 91.57 against the US dollar in early trade on Wednesday.
• The gain was primarily supported by a retreating US dollar index and the announcement of the landmark India-EU trade deal.
• Forex traders noted the rupee opened higher at 91.60 and further gained to 91.57, building on Tuesday's 22-paise rebound.
• CR Forex Advisors MD Amit Pabari suggests the 92.00 level is key for USD/INR, with RBI intervention potentially stabilizing the pair towards 90.80-91.00.
• The dollar index fell 0.13% to 96.09, while Brent crude rose 0.53% to USD 67.93 per barrel; domestic equities also saw significant gains.

Why It Matters: Rupee strengthens against dollar due to a weaker dollar index and the positive impact of the India-EU trade deal.