INR recovers from lifetime lows amid positive cues from local equities

The Indian rupee recovered from its all-time low level and settled for the day with gains of just 3 paise at 84.69 (provisional) against the US dollar in a range-bound trade on Tuesday, amid a positive trend in domestic equities. Domestic shares rose for a third straight session on Tuesday, with firm global cues lending support. The benchmark S&P/BSE Sensex jumped 597.67 points, or 0.74 percent, to 80,845.75, with metals and financial stocks leading the surge. The broader NSE Nifty index closed at 24,457.15, up 181.10 points, or 0.75 percent, from its previous close. The rupee has been on a downtrend largely on the back of Donald Trump's rhetoric on BRICS currency, political instability in the Eurozone, weaker domestic macroeconomic indicators and unabated foreign portfolio outflows. US President-elect Trump on Saturday threatened a 100 per cent tariff on BRICS nations if they act to undermine the US dollar.

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