Currency watch: Rupee closes flat at 85.52 vs dollar, equities crash and oil spike limit gains

The rupee marginally strengthened against the US dollar, closing at 85.52, supported by a weaker greenback and anticipation of Federal Reserve rate cuts. However, a sharp decline in domestic equities, with the Sensex and Nifty falling significantly, and rising crude oil prices, limited the rupee’s gains. Foreign institutional investors also offloaded equities, further impacting market sentiment.