INR continues to linger near record low levels

The Indian rupee continues to linger around record low levels beyond Rs 88 per dollar mark. INR opened at Rs 88.14 and hit a low of 88.16 before recovering to a high of 88.12 so far during the day. Yesterday, rupee depreciated 10 paise to close at an all-time low of 88.19 against the US dollar amid India-US trade deal uncertainties and higher dollar demand from importers. However, positive equities limited downside in the counter. Indian shares rose sharply on Monday as new data showed the Indian economy remains on a solid footing. The GDP print for the first quarter stood at 7.8 percent, the highest in five quarters and coming well above the consensus estimate of 6.8 percent. The benchmark BSE Sensex jumped 554.84 points, or 0.70 percent, to 80,364.49 while the broader NSE Nifty index closed up 198.20 points, or 0.81 percent, at 24,625.05.

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