INR slumps amid dollar rebound overseas; muted start to local equities weigh

The Indian rupee lost momentum and fell against the dollar in opening trades on Tuesday. INR opened at Rs 90.91 per dollar and fell to a low of 90.96 so far during the day. Dollar rebound and muted start to local equities weighed on the counter. Yesterday, rupee gained 7 paise to settle at 90.87 against the US dollar. The US Dollar faced intense selling pressure as investors turned anxious over the United States (US) trade policy outlook, following the Supreme Court (SC) ruling against President Donald Trump's tariff policy. However, foreign fund outflows, coupled with geopolitical concerns, capped gains for the local unit. Equity benchmark indices Sensex and Nifty closed higher on Monday, tracking gains in PSU bank, auto and financial stocks, as investors' sentiments improved after the US Supreme Court struck down the Trump administration's sweeping tariffs. The 30-share BSE Sensex climbed 479.95 points, or 0.58 per cent, to settle at 83,294.66. The 50-share NSE Nifty advanced 141.75 points, or 0.55 per cent, to close at 25,713.

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