Rupee strengthens in early trade on inflows and steady crude prices

The Indian rupee opened the week firmer, appreciating 22 paise to 89.45 against the US dollar in early trade on December 22, supported by foreign fund inflows and positive domestic equity cues. Corporate dollar inflows and Brent crude hovering near $60 per barrel improved market sentiment, traders said. At the interbank market, the rupee opened at 89.53 before strengthening further. Despite the recent rebound, treasury experts caution that the currency remains weaker on a year on year basis, reflecting a broader depreciation trend.