INR hovers around record low, NIFTY off two-month low

The Indian Rupee stayed weak today and hovered around record low against the US dollar. INR edged up in early trades trade, tracking strength in Asian currencies and supported by a decline in crude oil prices. The domestic currency opened on a flat note around 87.20 against the US dollar on Monday but eased quickly to trade around 87.39 per US dollar right now, down around 20 paise on the day. The rupee fell 1.2% last week, marking its biggest weekly drop since December 2022. Meanwhile, the local stocks are trying to stabilize around two-month low and the WTI Crude oil futures are hovering around $67 per barrel after a near 3% tumble on Friday. This could cap the losses in INR. On the NSE, USD/INR futures are quoting at 87.48, down 0.14% on the day but off early lows around 87.35.

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