INR edges lower in opening trades

The Indian rupee extended downside in opening trades on Monday tracking dollar strength overseas. Global cues remain sluggish due to lingering concerns around stretched tech valuations, risks around U.S. tariffs and signs of a softening U.S. jobs market. However, positive opening in local equities and falling oil prices could limit losses in the counter. INR opened at Rs 88.70 per dollar and hit a low of 88.73 so far during the day. On Friday, rupee fell three paise to close at 88.73 against the US dollar, weighed down by the strength of the American currency and rising crude oil prices. Rebound in domestic equities following a sweeping mandate for the ruling alliance in the Bihar however, supported the rupee at lower levels. Indian shares ended higher on Friday as the NDA looked poised to make a roaring return in Bihar again. The benchmark BSE Sensex hit a low of 84,029.32 before recovering to close up 84.11 points at 84,562.78. The broader NSE Nifty index ended up 30.90 points, or 0.12 percent, at 25,910.05, after having hit a low of 25,740.80 during intraday trading.

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