INR seen recovering from record low levels

The Indian rupee is seen recouping losses in opening trades on Wednesday after having stayed around record low levels for most part of the week. INR opened at Rs 88.15 per dollar but recovered to a high of 88.06 so far during the day. Yesterday, rupee declined 8 paise to close at an all-time low of 88.18 against the US dollar, as Indo-US trade deal uncertainty and weak domestic equity markets pressurized the local unit. Indian shares gave up early gains to end lower on Tuesday ahead of the upcoming two-day Goods and Services Tax (GST) Council meeting later this week. The benchmark BSE Sensex fell 206.61 points, or 0.26 percent, to 80,157.88 while the broader NSE Nifty index closed down 45.45 points, or 0.18 percent, at 24,579.60. The rupee is trading near all-time low levels as risks remained skewed to the downside amid uncertainty over US trade tariffs and rising oil prices. Oil prices rose over 2% on Tuesday as concerns about supply disruptions grew amid an escalation of the conflict between Russia and Ukraine, along with speculation that OPEC+ will not raise output at a meeting on Sunday. On the NSE, USDINR futures ended at 88.26.

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