INR extends rebound although upside seen limited by muted cues from local equities

The Indian rupee extends rebounds in opening trades on Friday tracking weakness in greenback although persistent selling by foreign investors and muted start to local equities could limit upside in the counter. INR opened at Rs 91.45 per dollar and hit a low of 91.58 so far during the day. Yesterday, rupee rebounded marginally from its all-time low levels and gained 3 paise to close at 91.62 against the US dollar. Indian shares rebounded on Thursday to snap a three-day losing streak amid eased EU-U.S. tensions over Greenland. Global cues were positive after U.S. President Donald Trump dropped plans to impose tariffs on several European countries over Greenland, saying a "framework" for a potential agreement with respect to the entire Arctic Region has been reached after talks with Nato. Benchmark indexes Sensex and Nifty rose around half a percent each on Thursday. FIIs net sold shares worth Rs. 2,550 crore on Thursday while DIIs net bought shares to the extent of Rs. 4,223 crore, as per exchange provisional data.

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