INR edges lower amid firm dollar and muted local equities

The Indian rupee added losses in opening trades on Tuesday amid firm dollar overseas and muted local equities. Domestic shares opened on a sluggish note Tuesday as concerns prevail over tech valuations and the outlook for U.S. interest rates. Asian markets were deep in the red this morning while gold extended losses for a fourth straight session, weighed down by a firm dollar amid diminished prospects of a Fed rate cut next month. INR opened at Rs 88.67 per dollar and dipped to a low of 88.60 before recovering to 88.66 so far during. Yesterday, rupee pared intraday losses to settle 3 paise higher at 88.63 against the US dollar, tracking firm domestic equity markets and lower global crude oil prices. Benchmark indexes Sensex and Nifty rose around half a percent each on Monday, with underlying sentiment supported by a resounding victory for the BJP-led NDA in the Bihar elections and optimism surrounding a potential India-U.S. trade deal.

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