INR recovers slightly above Rs 90/$ mark in opening trades
The Indian rupee registered a mild pullback after sustained weakness beyond Rs 90 per dollar mark in past few days. INR opened at Rs 89.95 per dollar and rebounded to a high of 89.89 so far during the day. Weakness in dollar overseas and positive cues from equities is keeping the counter supported. US dollar edged below 98 on Monday, trading sideways near its lowest level since early October as holiday-thinned trading continued and markets priced in rate cuts next year. On Friday, rupee depreciated 19 paise to close at 89.90 against the US dollar tracking a negative trend in domestic equities and foreign fund outflows. Indian shares ended lower despite firm cues from global markets. The benchmark BSE Sensex dropped 367.25 points, or 0.43%, to 85,041.45 as trading resumed after a holiday on Thursday for Christmas. The broader NSE Nifty index fell 99.80 points, or 0.38%, to 26,042.30.
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