INR lingers around record low levels

The Indian rupee continues to linger around record low levels in range bound moves on Tuesday morning. INR opened at Rs 88.73 per dollar and recovered to a high of 88.69 so far during the day. Yesterday, rupee consolidated in a narrow range and settled for the day lower by 7 paise at its all-time closing low of 88.79 against US dollar. Rupee is hovering near its all-time low level as investors remained concerned over global trade uncertainties and impact of US visa fee hike on India's IT services exports. Negative cues from domestic equities also weighed down the counter. Indian shares gave up early gains to end marginally lower on Monday as caution set in ahead of RBI's upcoming MPC meet. Continued foreign fund selling, escalating tensions in Europe and the Middle East, fears of a potential U.S. government shutdown and trade-related uncertainties also kept investors on edge as Moody's affirmed India's sovereign credit rating at 'Baa3' and maintained a stable outlook. The benchmark S&P/BSE Sensex hit a high of 80,851 in early trade before reversing course to end the session down 61.52 points, or 0.08 percent, at 80,364.94, extending losses for the seventh consecutive session. The broader NSE Nifty index closed down 19.80 points, or 0.08 percent, at 24,634.90. Moreover, the Reserve Bank of India (RBI) policy meeting outcome on October 1, is expected to influence rupee.

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