INR recovers from record low levels but broader outlook remains cautious

The Indian rupee recovered 22 paise from its all-time low to 87.58 (provisional) against the US dollar on Thursday, amid lower crude prices and slight pullback in dollar. US President Donald Trump's announcement of 25 per cent tariffs on Indian imports and a penalty for buying Russian Crude has severely dragged the rupee to lifetime lows in the previous session. Yesterday, rupee plunged 89 paise, logging its steepest single-day fall in over three years and recovered some lost ground today but the broader outlook remains cautious. Indian shares fluctuated before ending lower on Thursday as U.S. President Donald Trump imposed a 25 percent tariff on India starting August 1, along with an additional unspecified penalty for buying oil and defense equipment from Russia. The benchmark BSE Sensex fluctuated before ending the session down 296.28 points, or 0.36 percent, at 81,185.58 while the broader NSE Nifty index closed at 24,768.35, down 86.70 points, or 0.35 percent, from its previous close. At the interbank foreign exchange, the domestic unit opened at 87.66 against the greenback, touched an intra-day low of 87.74 and a high of 87.51 against the American currency. On the NSE, USDINR futures rose 0.25% to 87.78.

Powered by Capital Market - Live News