INR recovers from lifetime lows but breach beyond 89 per dollar mark stays

The Indian rupee is making a good come back in opening trades on Monday after a sharp slump to hit new record lows beyond Rs 89 per dollar mark. The rupee 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. INR opened on Monday at Rs 89.46 and recovered to a high of 89.11 so far during the day. Meanwhile, local equities are also likely to open in positive tracking firm cues from Asian peers. On Friday, local equities ended lower. The benchmark BSE Sensex dropped 400.76 points, or 0.47 percent, to 85,231.92 while the broader NSE Nifty index fell 124 points, or 0.47 percent, to 26,068.15.

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