INR stays in tight range; Dollar weakness limits losses

The Indian rupee continues to stay in a tight band in opening trades on Friday. INR opened at Rs 87.56 per dollar and slipped to a low of 87.61 so far during the day. Weakness in dollar is keeping the local unit supported although concerns surrounding Trumps tariff announcement of India could keep the unit under pressure. Yesterday, rupee consolidated in a narrow range and settled for the day higher by just 3 paise at 87.69 against the US dollar after US President Donald Trump imposed an additional 25 per cent duty, doubling it to 50 per cent on Indian goods and denting market sentiments. The benchmark BSE Sensex hit an intraday low of 79,811 before recovering to close up 79.27 points, or 0.10 percent, at 80,623.26. The broader NSE Nifty index ended up by 21.95 points, or 0.09 percent. Moreover, Trump's aggressive move, which kicks in 21 days, threatens to raise total duties on select Indian exports to as high as 50 per cent making them among the most heavily taxed US imports globally, further dented market sentiments. On the NSE, USDINR futures ended lower by 0.24% at 87.62.

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