INR extends upside as dollar weakens overseas

The Indian rupee is appreciating in opening trades on Thursday amid pullback in dollar overseas as the minutes show that the median response among Fed policymakers implies two 25-basis-point cuts to the benchmark federal funds rate in both 2025 and 2026. Downside in international crude prices is also supporting the counter. INR opened at Rs 85.62 per dollar and hit a high of 85.60 so far during the day. Yesterday, rupee added 6 paise to close at 85.73 against the US dollar. Indian shares are seen on a flat note Thursday as investors watch the latest developments on the trade front, react to the latest FOMC meeting minutes and look for direction from Q1 business updates from prominent companies. On Wednesday, the benchmark S&P/BSE Sensex ended the session down 176.43 points, or 0.21 percent, at 83,536.08 while the broader NSE Nifty index dropped 46.40 points, or 0.18 percent, to 25,476.10. On the NSE, USDINR futures are down 0.13% at 85.66.

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