On Monday, the Indian rupee remained nearly unchanged, closing at 94.99 per dollar, compared to 95.00 the previous day. This stability was supported by dollar sales from state-run banks, likely acting on behalf of the Reserve Bank of India, and fluctuating demand for dollars for hedging purposes. The rupee traded within a narrow range, hitting a low of 95.03 during the day. Despite a depreciation of 11% in FY26 and 0.17% in FY27 thus far, the rupee has appreciated 2.06% since reaching a record low of 96.96 on May 20. Market movements were influenced by an MSCI inflow of $800 million, which shifted to outflows of $2 billion later in the day. Traders are now awaiting the US non-farm payroll data, which is crucial for the US Federal Reserve's interest rate decisions, as well as the Reserve Bank of India's upcoming monetary policy announcement, where it is widely anticipated that the repo rate will remain unchanged at 5.25%.