Indian Rupee off to tepid start, stays above 88 per US dollar mark

Indian Rupee is off to a tepid start today as markets continue to eye broad worries on the US tariff front and maintain a general caution ahead of the US nonfarm payrolls data. The INR is currently quoting at 88.12 per US dollar, down 18 paise on the day. On NSE, USD/INR futures are trading up 0.13% at 88.33. Overall undertone has been sluggish for Rupee after hitting record low against US dollar. Strong cues on the domestic economic front have not supported the local currency much. HSBC's India Composite PMI, which combines services and manufacturing sectors, rose to a 17-year high of 63.2 in August from 61.1 in July, indicating broad-based economic momentum across both segments of the economy. Business confidence for the year ahead improved to a three-month high as well, PMI data showed. Meanwhile, the US dollar index is holding above 98 mark, consolidating just under one-week high.

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