Rupee rises 16 paise to 85.41 against US dollar in early trade

MUMBAI: (May 19) The rupee appreciated 16 paise to 85.41 against the US dollar in early trade on Monday, supported by a weak American currency in the overseas market and strong foreign fund inflows.

Forex traders said the rupee is expected to trade in a narrow range as Brent oil prices ticked lower amid oversupply concerns, US-Iran nuclear deal talks, while investors awaited the China Factory data.

Investors were also cautious as global rating agency Moody’s downgraded US investment grade rating, they added. PTI