INR stays battered near lifetime lows

The Indian rupee commenced the day sharply lower beyond Rs 91 per dollar mark but recovered slightly thereafter. INR opened at Rs 91.05 per dollar and recovered to a high of 89.96 so far during the day. Yesterday rupee tumbled sharply to crash beyond Rs 91 per dollar mark on tracking muted local equities and risk averse sentiments. Lingering uncertainty around tariffs coupled with persistent foreign portfolio outflows weighed on the local unit. The Indian rupee extended its losing streak for the fourth trading day, hitting 91-per-dollar for the first time as the government tabled a bill in Lok Sabha to raise FDI in the insurance sector to 100 percent. The benchmark BSE Sensex dropped 533.50 points, or 0.63 percent, to 84,679.86, extending the previous session's decline amid weakness in metal and financial shares. The broader NSE Nifty index fell 167.20 points, or 0.64 percent, to 25,860.10.

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