Rupee rises 31 paise against US dollar supported by RBI forex interventions

The Indian rupee appreciated 31 paise to 94.86 against the US dollar in early trade, driven by central bank forex interventions and long dollar position unwinding.

India's WPI inflation accelerated to 11.39% with food inflation at 8.66%, which combined with a 5.54% CPI rate creates dual pressures against monetary policy easing.

Brent crude traded lower at $104.30 per barrel while foreign institutional investors offloaded equities worth ₹1,857.44 crore.