The Indian rupee edged lower in opening trades on Monday despite positive cues from equities. INR opened at Rs 87.87 and dropped to a low of 87.93 so far during the day. Rising crude oil prices are however weighing on the counter. There are concerns that that the latest U.S. sanctions on Russian oil companies as well as high crude prices may expand India's fiscal deficit and put pressure on the import bill. On Friday, rupee appreciated 5 paise to close at 87.83 against the US dollar, supported by optimism around India-US trade talks and a decline in global crude oil prices. However, FII outflows, a stronger dollar against foreign currencies, and a weak sentiment in the domestic equity markets restricted sharp gains in the local unit.
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