INR rebounds well from historic low but fails to lift above 89/$ mark

The Indian rupee rebounded well on Monday following a sharp plunge to hit a lifetime low level on Friday. The rupee had plunged 98 paise to close at its lifetime low of 89.66 against the US dollar on Friday, due to a huge demand for the greenback in the domestic forex market amid widespread selling pressure in local and global equities and trade-related uncertainties. Rupee climbed by almost 50 paise to settle at around 89.15 (provisional) against the greenback, due to US dollar selling by banks and importers amid a dip in global crude oil prices. At the interbank foreign exchange, the rupee opened strong at 89.46 and moved in the range of 89.05 and 89.50 during the day. Meanwhile, Indian shares also ended lower on Monday despite positive cues from global markets.The benchmark BSE Sensex ended the session down 331.21 points, or 0.39 percent, at 84,900.71 due to selling by foreign institutional investors amid a weakening rupee. According to exchange data, foreign institutional investors net sold equities worth Rs 1,766 crore on November 21.

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