INR edges lower amid mild rebound in dollar overseas

The Indian rupee pared previous day gains to edge lower in opening trades on Wednesday tracing mild rebound in dollar overseas although positive start to local equities and easing oil prices could cap downside in the counter. INR opened at Rs 88.61 per dollar and hit a low of 88.66 so far during the day. Yesterday, rupee appreciated 23 paise to settle at 88.50 against the US dollar, amid progress on the US shutdown bill and optimism over the US-India trade deal. Indian shares are seen opening a tad higher on Wednesday, tracking mostly positive cues from global markets. Benchmark indexes Sensex and Nifty rose around half a percent each on Tuesday, with trade deal hopes, U.S. shutdown resolution and expectations of Federal Reserve interest-rate cuts helping underpin investor sentiment.

 

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