INR recovers marginally in line with positive equities

The Indian rupee recovered marginally in opening trades on Wednesday tracing positive cue from local equities. Local shares opened higher mirroring firm cues from global markets. INR opened at Rs 88.21 per dollar and climbed to a high of 88.18 so far during the day. Meanwhile, India's industrial production expanded at a slightly slower pace in September amid a contraction in mining activity, data from the Ministry of Statistics and Program Implementation showed. Industrial output climbed 4.0 percent year-over-year in September, following an upwardly revised 4.1 percent growth in August. Nonetheless, that was well above the expected increase of 2.6 percent. Benchmark indexes Sensex and Nifty ended down around 0.2 percent and 0.1 percent, respectively on Tuesday as investors locked in some profits after recent gains. Yesterday, rupee depreciated by 10 paise to close at 88.29 against the US dollar. Investors are also keeping a watch on the Federal Reserves policy decision on Wednesday for further cues.

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