INR edges lower amid dollar strength abroad and negative cues from equities

The Indian rupee lost momentum in opening trades on Thursday but recovered thereafter. INR opened lower at Rs 90.52 against the dollar and rebounded to a high of 90.37 so far during the day. Negative cues from equities and broad dollar strength in limiting gians in the counter. Asian markets are trading mostly lower on Thursday, following the mixed cues from Wall Street overnight, reflecting the continued weakness in technology stocks which mirrored their peers on the tech-heavy Nasdaq amid valuation concerns. Yesterday, rupee depreciated 11 paise to 90.43 against the US dollar, after a sharp rally in the previous trading session following India-US trade deal announcement and possible dollar buying by corporates and importers. However, caution still remains as there is no signed or officially released trade agreement yet, no framework text or final documentation.

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