INR stays sluggish amid firm dollar

The Indian rupee continues to trade in narrow range in opening trades on Tuesday. INR opened at Rs 88.72 per dollar and dropped to a low of 88.77 so far during the day. Yesterday, the domestic unit consolidated in a narrow range to settle lower at 88.74 against the US dollar, as a strengthening greenback in the overseas market and an overnight jump in crude oil prices pressurized the domestic unit. Support from positive domestic equities was offset by continued capital outflows and geopolitical developments. Indian shares rose notably on Monday, with IT stocks and financials leading the surge, ahead of a busy quarterly earnings season. The benchmark BSE Sensex closed up 582.95 points, or 0.72 percent, at 81,790.12, extending gains for a third consecutive session. The broader NSE Nifty index jumped 183.40 points, or 0.74 percent, to 25,077.65 amid expectations of an earnings revival.

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