INR extends downside: Positive cues from equities likely to limit losses

The Indian rupee depreciated 11 paise to 90.77 against the US dollar in early trade on Tuesday as the currency market continues to price in caution following the India-US interim trade framework. At the interbank foreign exchange market, the rupee opened at 90.63 against the US dollar, then lost some ground to touch 90.77, registering a loss of 11 paise over its previous close. Yesterday, rupee witnessed a volatile trading session and settled for the day on a slightly lower note, down 1 paisa at 90.66 against the US dollar. Indian shares edged higher in opening trades on Tuesday, tracking firm cues from global markets. Benchmark indexes Sensex and Nifty jumped 0.6 percent and 0.7 percent, respectively on Monday after the United States and India unveiled an interim framework designed to reduce tariffs, redefine energy partnerships, and enhance economic collaboration. Foreign institutional investors bought shares worth Rs 2,255 crore on a net basis Monday, while domestic institutional investors bought shares to the extent of Rs 4 crore, according to provisional exchange data.

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