INR recovers marginally in range bound moves

The Indian Rupee is seen recovering some of its lost momentum in opening trades on Friday following sharp losses in the last couple of days. INR opened at Rs 88.60 per dollar and climbed to a high of 88.59 so far during the day after having ended previous session at 88.69. Selling pressure in local equities and dollar strength could however continue to drag INR towards record low against the US currency. The US dollar index soared yesterday, breaking above 99 mark and hit its two-week high after the US Fed chair Jerome Powell indicated that it is not a certainty that Fed will deliver another rate cut in next meeting December. Benchmark indexes Sensex and Nifty fell around 0.7 percent each on Thursday, after having closed near record highs in the previous session.

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