INR attempts recovery from lifetime low levels

The Indian rupee is attempting recovery above psychological Rs 90 per dollar mark in opening trades on Wednesday. INR opened at Rs 90 per dollar and bounced back to a high of 89.94 so far during the day. Yesterday, rupee pared its initial losses and settled for the day in the positive territory, up 18 paise at 89.87 against the US dollar, as American currency and crude oil prices retreated from their elevated levels. Weakness of the US dollar in the overseas market, amid expectations of a rate cut by the US Federal Reserve in December, supported the rupee at lower levels. However, a negative trend in domestic equities and foreign fund outflows weighed on investor sentiment, limiting the local unit's appreciation. Benchmark indexes Sensex and Nifty fell around half a percent each on Tuesday, extending the previous session's sharp slide after reports suggested that U.S. President Donald Trump may impose additional tariffs on rice exports from nations, including India. Today, shares are seen opening on a cautious note Wednesday as investors await a third consecutive Fed rate cut, the U.S. central bank's latest dot plot, economic projections and comments from Fed Chair Jerome Powell at the post-meeting press conference later in the day for directional cues.

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