INR seen recovering from one and half week low

The Indian rupee recovered momentum following a sharp slide in the previous session to a one and half week low. INR opened at Rs 85.75 per dollar and hit a high of 85.68 so far during the day. Yesterday, rupee fell sharply by nearly 50 paise to close at 85.94 against the US dollar, amid recovering global crude oil prices and American currency regaining momentum after the sharp slide. Outflow of foreign funds fuelled by uncertainties over US President Donald Trump's trade tariffs put further pressure on the local unit. The domestic headline equity benchmarks closed little changed after a choppy session, as investors stayed cautious ahead of a potential breakthrough in US-India trade talks. Despite the uncertainty, the market managed a positive finish, supported by continued buying from domestic institutional investors. The Nifty ended above the 25,450 mark. The S&P BSE Sensex rose 9.61 points or 0.01% to 83,442.50. The Nifty 50 index rose 0.30 points or 0.0% to 25,461.30. Meanwhile, Indias foreign exchange reserves rose by $4.84 billion to $702.78 billion in the week ended June 27, the Reserve Bank of India (RBI) said.

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