<h1>Rupee gains 42 paise to 85.34 against dollar as US currency weakens to multi-month lows</h1> The rupee strengthened 42 paise to 85.34 against the US dollar in early trading, driven by the dollar's decline to multi-month lows amid concerns over political influence on Federal Reserve policy independence. Subdued crude oil prices provided additional support by reducing import costs and inflation pressures. Domestic equities showed positive momentum with major indices gaining, though foreign institutional investors withdrew funds worth Rs 831.50 crore. Industrial production growth slowed to 1.2 percent in May, while the fiscal deficit improved to 0.8 percent of the annual target due to substantial dividend receipts from the central bank.