INR recovers under Rs91/$mark

The Indian rupee recovered 55 paise from its all-time low level to close at 90.38 (provisional) against the US dollar after a volatile trade on Wednesday, amid suspected aggressive central bank intervention. Rupee's recent fall against the US dollar was primarily driven by external factors and the high volatility in the forex market is expected to persist amid shifting economic and geopolitical cues. The lack of progress in the US and India trade negotiations and extended selling by foreign portfolio investors have weighed on the sentiment, while Brent crude oil prices hovering near USD 60 per barrel supported the domestic unit at lower levels. Meanwhile, Indian shares ended lower for a third consecutive session on Wednesday after overnight data indicated a continued cooling in the U.S. labor market. The benchmark BSE Sensex ended the session down 120.21 points, or 0.14 percent, at 84,559.65, while the broader NSE Nifty index fell 41.55 points, or 0.16 percent, to 25,818.55.

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