INR loses momentum tracking dollar strength overseas

The Indian rupee lost momentum in opening trades on Friday tracking strength in dollar oversea. The dollar index was hovering around a one-month high as minutes from the Feds latest meeting showed policymakers divided on the rate outlook, suggesting the next chair may face hurdles in delivering cuts. INR opened at Rs 90.94 to a dollar and hit a low of 90.97 so far during the day. Poor show in local equities also added pressure on the counter. A cautious undertone may prevail due to a combination of factors, including AI disruption fears, geopolitical tensions, a cautious retail outlook from Walmart and concerns about potential stress within the U.S. private credit market. Benchmark indexes Sensex and Nifty tumbled around 1.5 percent each on Thursday. Foreign investors net sold shares worth Rs 881 crore on Thursday, while domestic institutional investors net sold shares to the extent of Rs 596 crore, according to provisional exchange data.

 

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