INR stays in narrow range

The Indian rupee is staying in a narrow band in opening trades on Monday. Rupee opened at Rs 87.56 per dollar and climbed to a high of 87.55 so far during the day. On Friday, rupee depreciated 13 paise to close at 87.71 against US dollar, weighed down by weak domestic equities as India-US trade deal uncertainty continues to dent domestic market sentiments. Indian shares fell sharply on Friday amid concerns that steep 50 percent U.S. tariffs on Indian goods may hurt the country's manufacture push and slow economic growth. The benchmark BSE Sensex ended down 765.47 points, or 0.95 percent, at 79,857.79 due to tariff worries and concerns over sustained foreign fund outflows. The broader NSE Nifty fell 232.85 points, or 0.95 percent, to 24,363.30, marking the sixth straight weekly loss for the index. Moreover, President Donald Trump's aggressive move, which kicks in 21 days, threatens to raise total duties on select Indian exports to as high as 50 per cent, making them among the most heavily taxed US imports globally, further dented market sentiments. On the NSE, USDINR futures ended the week at 87.70, up 0.14% on the day.

 

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