INR seen recovering slightly amid dollar weakness overseas
The Indian rupee is seen recovering some lost momentum from around record lows in opening trades on Monday tracking weakness in dollar overseas. Decline in international oil prices also supported the counter although lower start to domestic equities is likely limit gains. INR opened at Rs 90.68 per dollar and slipped to a low of 90.73 so far during the day. On Friday, rupee ended at Rs 90.78 per dollar. Tariff concerns soured investors' appetite for riskier assets as the European Union is reportedly preparing to strike the U.S. with a hefty set of tariffs worth 93bn ($107.71bn) after Donald Trump threatened to impose a 10 percent tariff on goods from eight European countries starting Feb. 1, rising to 25 percent in June unless there's a deal for a "purchase of Greenland". The dollar index was under pressure under 99 mark.
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