INR edges higher in range bound moves amid a weak greenback overseas

The Indian rupee recovered slightly in opening trades on Tuesday tracking weakness in greenback. Dollar index slipped below 99 mark amid rising tensions between the United States (US) and the European Union (EU). US President Donald Trump reportedly said during the weekend that a 10% tariff would be imposed from February 1 on goods from Denmark, Sweden, France, Germany, the Netherlands, Finland, Britain, and Norway until the US is allowed to purchase Greenland. INR opened at Rs 90.90 per dollar and hit a low of 90.91 in range bound movement so far during the day. Yesterday, rupee slumped past Rs 91 per dollar during intraday moves amid renewed concerns over global trade uncertainties accelerated foreign fund withdrawal. Rupee opened at Rs 90.68 and fell to a low of 91.01 before recovering slightly to end at 90.90. Recovery in INR came after the International Monetary Fund (IMF) raised India's GDP growth forecast for FY26 by 70 basis points to 7.3 percent, citing strong momentum in the third quarter. The benchmark BSE Sensex hit an intraday low of 82,898.31 before recovering significant ground to close at 83,246.18, down 324.17 points, or 0.39 percent, from its previous close. The broader NSE Nifty index ended down 108.85 points, or 0.42 percent, at 25,585.50, after having hit a low of 25494.35 in intraday trade.

 

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